Chevron Doubles Down on Venezuelan Oil
Chevron has announced plans to expand its operations in Venezuela, doubling its oil production over five years. The company will invest more than $7 billion in joint ventures with Venezuelan state-run oil company PDVSA, with a target of producing around 600,000 barrels per day by 2026.
The additional acreage assigned to Chevron is located in the Orinoco Belt, where the company already has an established presence. This move reflects Chevron's confidence in Venezuela's deep resource potential and its ability to compete for investment within its portfolio for decades, according to CEO Mike Wirth.
Venezuela holds the world's largest proven oil reserves, with more than 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin. The announcement comes after a U.S. official confirmed that Chevron officials and Energy Secretary Chris Wright will visit Venezuela to formally unveil the new investment.