Chevron Commits $7 Billion to Venezuela's Oil Industry
Chevron has agreed to invest more than $7 billion in Venezuela over the next five years, with the goal of doubling oil production to approximately 600,000 barrels per day by 2026. The agreement revises the terms of Chevron's joint ventures with Venezuela and offers improved fiscal, commercial, and legal conditions to support sustainable investments.
The deal targets an increase in crude production to 1.5 million barrels per day, according to Venezuelan official Delcy Rodríguez. Chevron will also receive additional acreage in the Orinoco Belt, where it already has an established presence.
Chevron Chairman and CEO Mike Wirth said that the improved terms and additional acreage strengthen the company's portfolio with low-cost oil growth opportunities, while supporting energy supply and long-term value creation. With total costs below $20 per barrel and access to substantial resources, Chevron views Venezuela as a platform for differentiated oil growth under its disciplined cash management approach.