Chevron Announces Over $7 Billion Investment in Venezuelan Oil Projects
Chevron has agreed to new terms with Venezuela for its joint ventures, enabling over $7 billion in investments over the next five years. The updated agreements aim to boost oil production and expand Chevron's operations through additional acreage in the Orinoco Belt. Under these arrangements, Chevron expects its joint ventures' output to more than double from current levels to approximately 600,000 barrels per day by maintaining costs under $20 per barrel. A key part of this expansion involves the Petroindependencia JV, where a Chevron subsidiary holds a 49% stake. The company has secured development rights for new zones in the Orinoco Belt and previously increased its interest in this joint venture earlier this year. Since January 2026, production from Chevron's three JVs has risen by 15%. CEO Mike Wirth emphasized confidence in Venezuela’s resource potential and long-term value creation through responsible oil development. Chevron operates several projects in the Orinoco Oil Belt alongside local partners and reported a significant increase in net income for Q2 2026, with earnings rising over 384% year-over-year.
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Topics: Chevron investment joint ventures oil Venezuela