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Chevron announces $7B investment and expanded acreage in Venezuela, boosting production plans.
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Energy
Chevron CorpChevron to Invest $7B in Venezuela
M&A · PartnershipCommodity Impact 4
Chevron Corporation announced new agreements with Venezuela that grant it additional acreage in the Orinoco Belt and updated terms for its joint ventures, supporting plans to more than double production over five years. The agreements provide enhanced fiscal, commercial, and legal terms and assign Chevron additional acreage in the Orinoco Belt, where it already has an established position. These terms support joint venture plans to invest over $7 billion in the next five years and increase production to about 600,000 barrels per day, more than double 2026 output, with total costs below $20 per barrel. Under the agreements, the Petroindependencia joint venture, in which Chevron holds a 49% interest, has been assigned rights to develop the adjacent Carabobo-1 and Carabobo-2-South-A areas. This follows an April agreement that raised Chevron's working interest in Petroindependencia to 49% and granted rights to the Ayacucho 8 area. Chevron's three Venezuelan joint ventures have grown production by 15% year-to-date.
Chevron CorpChevron announces $7B investment and expanded acreage in Venezuela, boosting production plans.