Chevron commits $200 million toward West Qurna 2 contract

In 2026, Venezuela's foreign relations shifted after the US captured Nicolás Maduro. The US now licenses most oil business, including a 100-year concession to private producer NABEP. Six oil companies (BP, Chevron, Eni, Maurel & Prom, Repsol, Shell) are licensed to operate. Chevron plans a $7B investment. China, Russia, and Iran are excluded from the main US oil license. The IMF projects Venezuela's 2026 GDP at $124B with 5% growth.

Chevron, Egypt near finalizing a $4B deal for a 280km subsea pipeline to transport Cyprus' offshore natural gas to Egypt's LNG export plants. Chevron, Shell, and NewMed Energy are involved, with Chevron operating the Aphrodite field. The project aims to leverage Egypt's existing infrastructure, but revenue is years away due to construction timelines.

Chevron aims to deliver first gas from its Aseng project in Equatorial Guinea by 2028, according to a company executive. The $690 million project is on track, with a drilling rig expected early next year. Chevron is also exploring other blocks in the region and has renewed commitment to the Yoyo-Yolanda gas project. Equatorial Guinea's government is negotiating with TotalEnergies and Qatar Energy for additional blocks and continues discussions with ConocoPhillips on the EG27 block.

Reaves Dividend Income Strategy's Q3 2026 letter noted Chevron (CVX) as a top contributor, citing higher oil prices and favorable joint venture terms in Venezuela. CVX shares fell 1.27% in the past month but gained 41.09% over 52 weeks, closing at $215.00 on October 12, 2026. The company has a market cap of $424.79 billion.

Egypt and Chevron are advancing the $4 billion Aphrodite gas project, connecting Cyprus' offshore gas to Egypt's infrastructure. Chevron, with a 35% stake, leads development alongside Shell and NewMed Energy. The project aims to enable LNG exports, but a final investment decision is pending.

Chevron, Shell, Sinopec, and CNOOC may invest $500M in a Kazakhstan oil exploration consortium, according to KazMunayGas. The venture, expected by year-end, will conduct seismic surveys and drill exploration wells. All four companies already operate in Kazakhstan.