Chevron Expands Venezuela Operations, Targets Record Oil Production

Chevron is expanding its presence in Venezuela's Orinoco Belt by adding more acreage to its existing joint ventures, Petroindependencia SA and Petropiar SA. The move supports the company's plans to invest over $7 billion in the country over the next five years and aims to double production to approximately 600,000 barrels per day (b/d) from expected 2026 levels.

The additional acreage was assigned to Petroindependencia SA, where Chevron holds a 49% interest, and includes the Carabobo 1 and Carabobo-2-South-A areas. This expansion will allow the joint venture to develop new greenfield sites and increase extra-heavy oil production.

Chevron's chairman and CEO, Mike Wirth, said the company is confident in Venezuela's resource potential and its ability to compete for investment within its portfolio for decades. He added that the updated terms support Chevron's plans to deliver attractive low-cost oil growth, support energy supply, and create differentiated long-term value.

The move comes days after a new agreement between the US government and Venezuela was announced, granting the US majority control over roughly a fifth of the country's proved oil reserves. This deal has raised concerns among analysts that participating companies may be exposed to risk if political conditions change.