Chevron Doubles Down on Venezuela with $7 Billion Oil Expansion

Houston-based Chevron is investing over $7 billion in Venezuela's oil industry over the next five years. The company plans to more than double its production, reaching about 600,000 barrels per day by 2026. This expansion follows a separate agreement between the U.S. government and North American Blue Energy Partners (NABEP), which covers 17 Venezuelan oil fields containing an estimated 65 billion barrels.

Chevron has operated in Venezuela since 1923 and is the only major U.S. oil company with a significant presence there. The company's joint ventures, Petroindependencia and Petropiar in the Orinoco Oil Belt, and Petroboscan in the western state of Zulia, will be involved in the expansion.

The investment could bring opportunities to Houston-area engineering firms, oil field service companies, equipment suppliers, and maritime businesses. However, increasing production will require years of work on wells, pipelines, electrical systems, and export facilities.