Chevron Corp. plans to invest more than $7 billion in Venezuela over the next five years, targeting production of about 600,000 barrels per day (bpd) at its local joint ventures.
The investment will focus on expanding operations at three existing ventures in the Orinoco Belt, where output has already increased 15% this year. Chevron projects total costs to remain below $20 per barrel, according to company and U.S. government officials.
The expansion follows a Washington announcement detailing an unprecedented deal granting majority control of approximately 65 billion barrels of Venezuela’s oil reserves to U.S. energy firms. The Trump administration has also proposed a $100 billion reconstruction plan for Venezuela’s energy sector.
Chevron’s operations in Venezuela have continued uninterrupted for at least a century, despite the 2007 nationalization of assets belonging to ExxonMobil and ConocoPhillips. The updated joint venture terms include enhanced fiscal, commercial, and legal provisions, along with additional acreage in the Orinoco Belt.
Negotiations leading to the agreement were conducted separately from recent Washington announcements and concluded over several months. The investment timeframe covers the next five years, with production targets aligned to the expanded acreage and revised terms.
