Chevron Secures $7B Investment Deal for Venezuelan Oil Ventures

Chevron Corporation has reached agreements with Venezuela to update terms for its joint ventures in the country's Orinoco Oil Belt. The new framework provides enhanced fiscal, commercial, and legal terms to support long-term investment.

The updated agreements pave the way for Chevron and its partners to invest more than $7 billion over the next five years. This significant investment is expected to increase production by double, from approximately 600,000 barrels per day in 2026 levels.

Chevron's joint ventures, including Petroindependencia, S.A., will expand their operations with new acreage allocation, focusing on extra-heavy crude production. The company has operated in Venezuela since 1923 and currently produces oil through three joint ventures: Petroindependencia, Petropiar, and Petroboscan.