Chevron plans more than $7B in Venezuela joint ventures to reach 600,000 b/d

Chevron said its Venezuelan joint ventures signed updated fiscal, commercial and legal terms and gained acreage, and it plans to invest more than $7 billion over five years. The aim is to more than double 2026 output to about 600,000 barrels a day. Production across the joint ventures is already up 15% this year, and total production costs are estimated below $20 per barrel.

• Investment: more than $7 billion over five years
• Target: about 600,000 b/d
• Joint-venture output up 15% year to date
• New acreage: Carabobo-1 and Carabobo-2-South-A in the Orinoco Belt for Petroindependencia, where a Chevron subsidiary holds 49%
• Production costs below $20 per barrel