Chevron Doubles Down on Venezuela with $7 Billion Expansion Plan

Chevron has announced a five-year expansion plan in Venezuela that will double its drilling rigs and increase crude production to approximately 600,000 barrels per day by the end of 2031.

The company's CFO, Eimear Bonner, confirmed the investment framework after finalizing new contract terms with Venezuelan authorities last week. The deal includes a $7 billion commitment across three separate joint venture operations in Venezuela.

Chevron already operates three joint ventures in the country and has secured additional acreage in the Orinoco Belt, including areas previously assigned to Petroindependencia. The company also gained supplementary development rights next to its existing Petropiar operation.