Chevron Plans $7 Billion Investment to Double Venezuela Oil Production

Chevron has announced updated terms for its joint ventures in Venezuela, committing to invest more than $7 billion over five years to double its crude production.

Key points

• The agreements grant Chevron rights to develop additional acreage in the Orinoco Oil Belt, including the Carabobo-1 and Carabobo-2-South-A areas.
• Chevron aims to increase its production to approximately 600,000 barrels per day from current levels.
• The company operates in Venezuela through joint ventures such as Petroindependencia and Petropiar.

Why it matters

This major investment expands foreign energy operations in Venezuela's vast heavy-oil reserves and aims to significantly boost long-term crude production.