Chevron Commits $7 Billion to Double Venezuelan Oil Output

Chevron plans to invest more than $7 billion in its Venezuelan joint ventures over the next five years, aiming to double oil production to about 600,000 barrels per day. The U.S. oil major will expand its Petroindependencia joint venture to include two adjacent areas in the Carabobo region of Venezuela's Orinoco Belt.

The new agreements provide enhanced fiscal, commercial, and legal terms to protect long-term investments, with total production costs expected to be less than $20 per barrel. Chevron CEO Mike Wirth said the company's history in Venezuela spans over a century, and its expanded position reflects confidence in the country's deep resource potential.

The expansion comes as U.S. President Donald Trump unveiled an unprecedented deal involving a fifth of Venezuela's oil reserves, with the American government taking an equity stake in a private oil firm operating there. Chevron's growth is separate from this endeavor but further cements Trump's efforts to expand output in Venezuela.