Chevron Doubles Down on Venezuelan Oil Investments

Chevron Corp. has reached agreements with Venezuela to update its joint ventures in the country, including provisions for fiscal, commercial, and legal terms.

The agreements support joint venture plans to invest more than US$7 billion over five years and double production to approximately 600,000 barrels per day compared to 2026.

Chevron Chairman Mike Wirth stated that the company's expanded position reflects its confidence in Venezuela's deep resource potential and its ability to compete for investment within its portfolio for decades.