Chevron Aims for 600,000 BPD in Venezuela with $7 Billion Growth Plan
Chevron plans to invest $7 billion over five years in its operations in Venezuela, aiming to increase oil production from approximately 280,000 barrels per day (BPD) to 600,000 by 2031. The company expects total costs below $20 per barrel and anticipates a plateau of 600,000–700,000 BPD for five to ten years based on primary recovery alone. The expansion is supported by revised agreements offering competitive royalty and tax terms, stability protections across government changes, and access to international arbitration. Chevron will more than double its rig count in Venezuela without requiring major new infrastructure projects, relying instead on smaller pipeline tie-ins similar to those used in shale development. The company also highlighted improved efficiency through a $3 billion cost-reduction program completed ahead of schedule. Chevron remains committed to shareholder returns and balance sheet strength while pursuing growth targets. It continues its long-standing policy of dividend increases—now at 39 years—and maintains an annual share repurchase framework between $10 billion and $20 billion.
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Topics: Chevron strategy investment plan oil production Venezuela