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Chevron to Invest $7 Billion to Double Its Venezuelan Output
Posted
September 2, 2026
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0:53Now PlayingChevron plans to invest $7 billion over the next five years to more than double crude production in Venezuela through its joint venture partnerships. #chevron #venezuela #oil #iran #trump #news #usa
The company won the right to develop two giant oil fields in the Carabobo area of the Orinoco Belt, which are located next to Chevron’s Petroindependencia joint venture.
Chevron expects to be producing about 600,000 barrels of oil a day from Venezuela by 2031, more than double its current levels, with total costs expected to be less than $20 a barrel.
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