Chevron Plans to Invest $7 Billion to Double Production in Venezuela — Update

By Connor Hart

Chevron is taking steps to more than double its production in Venezuela, and is planning to invest more than $7 billion in the country over the next five years.

The company on Wednesday said it has entered into multiple agreements with the Latin American country, establishing updated terms with its joint ventures to support future investment, project development and production growth.

The agreements set out provisions for Chevron's joint ventures in Venezuela, the company said, including enhanced fiscal, commercial and legal terms intended to support durable and competitive long-term investments.

The disclosure came after President Trump last week said the U.S. has reached a deal with Venezuela to secure control of a big chunk of the country's oil reserves.

Venezuela's oil industry fell into widespread disarray following years of mismanagement during the regimes of the late Hugo Chávez and former President Nicolás Maduro. Since ousting Maduro in January, Trump has pushed U.S. oil companies to plow money into the country in a bid to shore up oil production.

The Wall Street Journal reported last week that Chevron was nearing a deal to make a big investment in Venezuela's oil fields. Still, many other companies have been hesitant to reenter the country.

Chevron, as part of the agreements, said it has been assigned additional acreage in the Orinoco Belt, where the company already has an established position. The added territory, coupled with upcoming investments, will help Chevron more than double production over the coming years, to about 600,000 barrels a day.

"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," Chief Executive Mike Wirth said.

"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," he added.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

September 02, 2026 07:10 ET (11:10 GMT)