Chevron Commits $7 Billion to Double Venezuela Oil Output to 600,000 Barrels Per Day

Chevron announced Wednesday it will invest more than $7 billion over the next five years through its Venezuelan joint ventures, with a goal of more than doubling production from current levels to approximately 600,000 barrels per day. CEO Mike Wirth flew to Caracas to sign the agreements, and Italian energy company Eni also signed deals in the capital the same day. Chevron, the only major U.S. oil company with an operational presence in Venezuela, has been assigned rights to develop the Carabobo 1 and Carabobo-2-South-A areas in the Orinoco Belt, adjacent to its existing Petroindependencia joint venture acreage.

The move is part of a broader Trump administration push to revive Venezuela's oil industry through private investment. The U.S. recently announced it had secured majority control over roughly 65 billion barrels of Venezuelan crude reserves, and U.S. Energy Secretary Chris Wright was visiting Venezuela the same day Chevron disclosed its investment plan. Wirth said legal protections are now sufficiently strong to justify committing capital to the country, citing its history of more than a century of operations there.

Wirth told investors and drivers that the expanded Venezuelan production will not compete with U.S. domestic output and should not be expected to bring down gasoline prices at home. Chevron stock moved toward a record high following the announcement. The company targets production of around 600,000 barrels per day by 2031, a timeline that reflects the scale of infrastructure work required in a country whose oil sector has deteriorated after years of mismanagement.