Chevron Doubles Down on Venezuela with $7 Billion Investment
Chevron has reached new agreements with Venezuela that grant the company additional acreage in the Orinoco Belt and updated terms for its joint ventures.
The agreements provide enhanced fiscal, commercial, and legal terms for Chevron's Venezuelan joint ventures and assign the company additional acreage in the Orinoco Belt, where it already holds an established position.
Chevron said it will invest more than $7 billion over the next five years to increase production to approximately 600,000 barrels a day, more than double 2026 output.
Total costs in the region are below $20 per barrel, Chevron added. The company's CEO, Mike Wirth, stated that Chevron's history in Venezuela spans more than a century and its expanded position reflects confidence in the country's deep resource potential.