Chevron commits $7 bn to double Venezuela output to 600,000 bpd by 2031
Chevron announced a $7 billion investment to raise crude production in its three Venezuelan joint ventures from 300,000 barrels per day to about 600,000 barrels per day by 2031. The company said it will hit roughly 300,000 barrels per day of gross output by year‑end, a 20% increase from the prior 12 months. Management highlighted costs below $20 a barrel and a self‑funding, cash‑flow‑positive drilling program. ExxonMobil said it will wait for further fiscal and legal reforms before committing significant capital in Venezuela.
Why it matters
The $7 bn capex adds a sizable, long‑term growth project to Chevron’s portfolio and could boost free cash flow if the plan stays on track, according to the company’s earnings release. The investment also tests the durability of U.S. sanctions licences, a risk noted by analysts in the filings.
Key facts
- 1Chevron will invest US$7 billion over five years to double Venezuela output to roughly 600,000 barrels per day by 2031. ua.news
- 2Chevron aims for about 300,000 barrels per day of gross production in Venezuela by year‑end, a 20% increase over the previous 12 months. riotimesonline.com
- 3Total costs, capital and operating together are expected to stay below US$20 a barrel. tokenpost.com
- 4Chevron’s Q3 2026 earnings were US$9.9 billion, or US$5.06 per share. riotimesonline.com
- 5ExxonMobil says further fiscal and legal changes are needed before it can make significant investments in Venezuela. ua.news
Summary written by AlphAI AI Desk from 6 of 6 sources. Not investment advice. Figures are as stated by the linked sources.