Chevron Bets Big on Venezuela's Oil
Chevron is investing $7 billion in Venezuela's oil sector over the next five years as part of joint ventures to double production to approximately 600,000 barrels a day.
The investment plan targets production within this timeframe but remains subject to execution risk, political developments, and physical realities of restarting output in the country.
This is Chevron's first major corporate commitment towards the $100 billion deal announced by President Trump on August 28, involving a 25-year lease of 65 billion barrels of proven reserves with the U.S. controlling 55%.
Venezuela's oil sector has been effectively closed to Western majors, and experts predict that meaningful extraction is years away due to deteriorated infrastructure and security guarantees needed for investment.