Chevron expands position in Venezuela

Chevron has reached agreements with Venezuela that establish updated terms for its joint ventures, creating a framework for future investment, project development and production growth in the country.

The agreements introduce enhanced fiscal, commercial and legal terms designed to support long-term and competitive investment across Chevron’s Venezuelan operations. The company has also been granted additional acreage in the Orinoco Belt, expanding its existing position in the region. Under the updated terms, Chevron’s joint ventures plan to invest more than $7 billion over the next five years, with production expected to more than double from 2026 levels to approximately 600,000 barrels per day. With total costs below $20 per barrel and access to a substantial resource base, Venezuela represents an opportunity for differentiated oil growth within Chevron’s disciplined approach to cash management.

“Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades,” said Mike Wirth, Chevron Chairman and Chief Executive Officer. “With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value. This progress reflects the dedication of our Venezuelan employees and our long-standing focus on the responsible development of the country’s resources.”

Under the agreements, Petroindependencia, S.A., a joint venture in which a Chevron subsidiary holds a 49% interest, has been granted development rights for the adjacent Carabobo-1 and Carabobo-2-South-A areas in Venezuela’s Orinoco Belt. The greenfield areas expand the joint venture’s existing operational footprint as it continues to increase extra-heavy oil production.

The new acreage builds on Chevron’s expanding portfolio in Venezuela following an agreement in April that raised its working interest in Petroindependencia to 49% and granted the company development rights for the Ayacucho 8 area, located next to the Petropiar, S.A. joint venture. Across its three Venezuelan joint ventures, Chevron has increased production by 15% year-to-date.

“We appreciate the leadership of the Administration, particularly the U.S. Department of Energy, and Secretary Wright’s partnership in helping facilitate the conditions for further investment and growth,” said Wirth. “Continued engagement between government and industry is essential to advancing projects that support energy security, economic growth and continued investment.”

Chevron is one of the leading energy companies in Venezuela, with a presence that dates back to 1923. Its joint ventures Petroindependencia and Petropiar, S.A. operate extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan, S.A. is located in the Zulia State in Western Venezuela.