Chevron Doubles Down on Venezuela with $7 Billion Investment

Chevron CEO Mike Wirth highlighted two key factors behind the company's planned $7 billion-plus investment in Venezuela. The oil giant aims to double production compared to 2026 levels, reaching around 600,000 barrels per day.

The improved economics and stronger legal protections are seen as critical for Chevron's investment. Under new agreements, total costs are expected to be less than $20 per barrel, with additional acreage in the Orinoco Belt.

'The first thing is, it's more economic,' Wirth said. 'Earlier it was very difficult to get a competitive return on investments' in Venezuela.

The company has received strong support from both the U.S. and Venezuelan governments. Chevron sees this investment as an opportunity to deliver attractive low-cost oil growth and create long-term value.