Chevron Unveils Ambitious Growth Plan Focused on Venezuela

Chevron outlined an ambitious growth plan at the Barclays Energy-Power Conference, focusing on doubling production in Venezuela to 600,000 barrels per day by 2031 with a $7 billion investment over five years.

The company highlighted its expansion plans in key assets, including Permian production reaching a plateau of 1 million barrels per day, and Tengizchevroil in Kazakhstan lifting oil capacity to 320,000 barrels per day after debottlenecking work.

Chevron also emphasized its cost-cutting measures, having delivered $3 billion in structural cost reductions six months ahead of schedule, primarily through efficiency gains and technology adoption.