Chevron to Boost Venezuelan Oil Production with $7 B Investment and New Acreage
Chevron announced plans to expand its Venezuelan oil footprint, receiving extra acreage in the Orinoco Belt and targeting over $7 billion in investment to lift output to roughly 600,000 barrels per day.
Chevron confirmed that it will enlarge its operations in Venezuela after being allocated extra acreage in the Orinoco Belt, complementing its existing joint ventures Petroindependencia, Petropiar and Petroboscan. The firm plans to invest over $7 billion across five years, seeking to raise production to roughly 600,000 barrels per day, more than double its 2026 level. This expansion aligns with a deal announced by Donald Trump that includes Pentagon participation in oil profits and a partnership with North American Blue Energy Partners.
CEO Mike Wirth highlighted Chevron’s century-long presence in Venezuela and its confidence in the country’s long-term oil potential. A U.S. official said Chevron executives and Energy Secretary Chris Wright were slated to travel to Venezuela for the formal announcement. Analysts have questioned whether acting President Delcy Rodríguez has the authority to grant 100-year rights over 17 fields and whether future administrations will uphold the agreement.
Why it matters
The deal could reshape U.S. access to Venezuelan oil and affect global energy markets.
How this story developed
- Aug 28 U.S. Negotiates Long-Term Lease of Venezuelan Oil Fields to Cut Import Costs
- Aug 28 The White House has referred inquiries about the proposed deal to the Energy Department.
- Aug 29 Trump announced a partnership granting the United States a 55% effective output share in Venezuelan oil fields.
- Aug 30 The first publicly shared photographs of Nicolas Maduro since his January abduction were uploaded to his X account. The pictures show the former president detained by U.S. officials as he prepares for a trial on narco-terrorism and drug-trafficking accusations. The post was framed as a tribute to his grandchildren and supporters.
- Aug 31 Acting President Delcy Rodríguez announced a 25‑year bilateral energy project granting the United States majority control of more than 65 billion barrels of Venezuelan reserves.
- Aug 31 Trump said the deal will allow the United States to top up its Strategic Petroleum Reserve.
- Aug 31 The partnership was described as a 25‑year joint venture targeting 1.5 million barrels per day and projected to generate about $209 billion for Venezuela, with the United States holding a 55 percent interest and a 35 percent passive stake in the private partner.
- Sep 1 Pentagon’s Office of Strategic Capital joins the Venezuelan oil venture.
- Sep 2 U.S. Energy Secretary Chris Wright scheduled a visit to Venezuela to discuss the oil partnership.
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