Chevron expands Venezuela operations
Summary
Chevron said on Wednesday that it will invest more than $7bn through its Venezuela joint ventures and double production to about 600,000 barrels per day over five years. The company was assigned additional acreage in the Orinoco Belt, including two areas in the Carabobo region.
Digest
02 SEP 2026 — Chevron said it will invest more than $7bn through its Venezuela joint ventures to raise oil production to about 600,000 barrels per day over five years. The company was assigned additional acreage in the Orinoco Belt, and its Petroindependencia venture will expand into two adjacent Carabobo areas. CEO Mike Wirth said Chevron’s expanded position reflected confidence in Venezuela’s resources and investment prospects. The announcement followed Donald Trump’s unveiling of a deal involving a fifth of Venezuela’s oil reserves; Chevron said its expansion was separate. Venezuela currently produces about 1.25 million barrels per day, compared with more than 3 million two decades ago. Chris Wright said output could reach 2 million barrels per day by the end of the decade. Chevron said new agreements include fiscal, commercial and legal terms for long-term investments, with production costs expected below $20 per barrel. ENI, KEO Capital and Primavera were also expected to sign energy agreements. Wright and Paula Henao were expected to oversee the contracts.
Production
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