Chevron Inks New Venezuela Deals With $7B Plan To Double Oil Production

Chevron (CVX) plans to expand operations in Venezuela, investing over $7B to double oil production to 600K barrels/day by 2026. The move follows a U.S. deal to develop Venezuela's oil reserves, with Chevron securing additional acreage in the Orinoco Belt. Venezuela holds the world's largest proven oil reserves, according to OPEC. Chevron is the only major U.S. oil company operating in Venezuela, with a presence since 1923. Analysts express skepticism about the deal's timeline and legality.

Chevron has secured new oil fields in Venezuela's Orinoco Belt, planning to more than double production to 600,000 barrels per day by 2026. The company will invest over $7 billion in the next five years through its stake in Petroindependencia. The expansion follows a new oil sector agreement approved by Venezuela's National Assembly and backed by the US government, aiming to attract private investment. Chevron is the only major US oil producer that remained in Venezuela after the 2007 nationaliz

Chevron has agreed to updated terms for its Venezuelan joint ventures, planning a $7 billion investment over five years. This aims to double production to 600,000 barrels per day by 2026, with costs under $20 per barrel. Chevron's expanded footprint includes new acreage in the Orinoco Oil Belt, and production has already increased by 15% year-to-date.

Chevron plans a $7 billion investment to expand its oil operations in Venezuela, according to CEO Mike Wirth. The deal aims to double Venezuela's oil production and is expected to create long-term value. Energy Secretary Chris Wright is in Venezuela to announce the agreement, which is separate from a recent U.S. government deal with North American Blue Energy Partners (NABEP).

Chevron plans to invest over $7 billion in Venezuela over five years, following revised agreements and a U.S. deal for majority control of Venezuela's oil reserves. The investment aims to boost output at its three joint ventures, which have already increased production by 15% this year. Chevron's CEO expressed confidence in Venezuela's resource potential.

Chevron plans to invest $7 billion in Venezuelan oil projects, aiming to double production to 600,000 barrels per day by 2031. The company secured new oil fields in Venezuela's Orinoco Belt, with production costs under $20 per barrel. Chevron is the only major US oil company operating in Venezuela, now owning 49% of its joint venture with PDVSA. The Trump administration has encouraged US oil companies to invest in Venezuela, but Chevron is the only one to commit.