Chevron Doubles Down on Venezuelan Oil Investment

Chevron plans to invest over $7 billion in Venezuela's oil sector over the next five years, aiming to nearly double its crude oil output from the South American country. The U.S. oil major seeks to increase production through its joint ventures with state-run PDVSA following an energy reform that has opened new opportunities for foreign investment.

The expansion will grant Chevron access to additional acreage in Venezuela's Orinoco Belt, a region known for vast reserves of extra-heavy crude. The company's combined Venezuelan output is expected to reach approximately 600,000 barrels per day by 2031, up from its current production of around 290,000 barrels per day.

Chevron has maintained a presence in Venezuela for over a century and has seen its joint ventures increase output by 15 percent so far this year. The company noted that the agreements provide enhanced fiscal, commercial, and legal terms compared to previous arrangements.