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Chevron Locks Down $7B Venezuela Investment Deal
Chevron has finalized agreements with Venezuela to update terms for its joint ventures, paving the way for increased investment and production growth in the country.
The new agreements provide enhanced fiscal, commercial, and legal terms aimed at supporting long-term investment. Chevron has also been assigned additional acreage in Venezuela's Orinoco Belt, expanding its existing operations.
The company plans to invest more than $7 billion over the next five years and double production to approximately 600,000 barrels per day compared to 2026 levels. Total costs are expected to remain below $20 per barrel, supported by Venezuela's large resource base.