Chevron Commits $7B to Double Oil Production in Venezuela by 2031

Chevron is investing over $7 billion in Venezuela across the next five years to nearly double its oil production, according to a Reuters report. The move follows new agreements with Venezuelan authorities that secure Chevron improved tax, trade, and legal conditions, as well as expanded land in the Orinoco Belt.

The energy major plans to deploy this capital through 2031, while keeping aggregate extraction expenses under $20 per barrel. Currently, Chevron extracts around 290,000 barrels daily in Venezuela, with all of it shipped to the United States, per Reuters.

The nation's total output is estimated at 1.1 million to 1.2 million barrels per day, a steep drop from over 3 million barrels per day recorded in the late 1990s.