Chevron plans $7 billion Venezuela investment to more than double oil production to 600,000 bpd

Chevron to invest $7 billion in Venezuela, doubling oil output to 600,000 bpd.

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from the fact record

Stands on 7 placed sources from 2 publishers.

As of 2026-09-02 14:50 UTC. Market figures are as the cited sources reported them at that time and may have moved since. This is news, not investment advice.

Chevron announced plans to invest $7 billion in Venezuela to more than double its oil production in the country over the next five years. ^[1] Mike Wirth, CEO and chairman of Chevron, stated on 2026-04-12 that there have been important changes in dispute resolution provisions and economic contract structures for investing in Venezuela under the interim government of Delcy Rodriguez. ^[2] Chevron CEO Mike Wirth said in a statement that with improved terms and additional acreage, the company is strengthening a portfolio that can deliver attractive low-cost oil growth, support energy supply, and create differentiated long-term value. ^[3] Chevron has been assigned two additional oilfields in the Orinoco Belt, the region containing most of Venezuela's extra heavy crude reserves. ^[4] Chevron plans to increase its oil production in Venezuela to 600,000 barrels per day, up from around 280,000 barrels per day currently. ^[5] Mike Wirth and US Energy Secretary Chris Wright visited Venezuela on 2026-04-12 with expectations of signing a new contract for Chevron in the Orinoco belt. ^[6] Mike Wirth stated on 2026-04-12 that the cost of a barrel of oil from the project would be inferior to $20 per barrel. ^[7]

What this stands on

Chevron announced plans to invest $7 billion in Venezuela to more than double its oil production in the country over the next five years. ·

CNBCUnited States

Mike Wirth, CEO and chairman of Chevron, stated on 2026-04-12 that there have been important changes in dispute resolution provisions and economic contract structures for investing in Venezuela under the interim government of Delcy Rodriguez. · Clarín

Chevron CEO Mike Wirth said in a statement that with improved terms and additional acreage, the company is strengthening a portfolio that can deliver attractive low-cost oil growth, support energy supply, and create differentiated long-term value. ·

CNBCUnited States

Chevron has been assigned two additional oilfields in the Orinoco Belt, the region containing most of Venezuela's extra heavy crude reserves. ·

CNBCUnited States

Chevron plans to increase its oil production in Venezuela to 600,000 barrels per day, up from around 280,000 barrels per day currently. ·

CNBCUnited States

Mike Wirth and US Energy Secretary Chris Wright visited Venezuela on 2026-04-12 with expectations of signing a new contract for Chevron in the Orinoco belt. · Clarín

Mike Wirth stated on 2026-04-12 that the cost of a barrel of oil from the project would be inferior to $20 per barrel. · Clarín

The one we could place publishes from United States. 1 could not be placed by their address. None is an official body: that part stands on reporting, not on the underlying document or transcript.

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