Chevron Bets Big on Venezuela Oil Bonanza

Chevron is significantly expanding its operations in Venezuela through new agreements confirmed on September 2, 2026. These deals pave the way for billions in new investment and a substantial increase in oil output.

Over the next five years, Chevron's joint ventures in Venezuela are slated to invest more than $7 billion. The company's objective is to more than double production to around 600,000 barrels a day by 2026.

This expansion involves developing the Carabobo 1 and Carabobo 2 South A areas in the Orinoco Belt, which holds the world's largest proven crude oil reserves. Production costs in this region are notably below $20 a barrel, making it an attractive investment even in fluctuating price environments.

These new developments complement an earlier April agreement where Chevron increased its stake in the Petroindependencia joint venture to 49% and secured rights to the Ayacucho 8 area. To date, Chevron's three Venezuelan joint ventures have already achieved a 15% production increase this year.