Chevron will invest over $7 billion in its Venezuelan joint ventures over the next five years. The company aims to more than double its oil production to approximately 600,000 barrels per day. New agreements establish updated fiscal and legal terms for these operations.
Chevron secured additional acreage in the Orinoco Belt, a region containing vast heavy oil reserves. The company describes the expansion as a source of low-cost oil growth. This move deepens Chevron’s century-long presence in the nation.
The Petroindependencia joint venture, in which Chevron holds a 49% stake, received new development rights. These rights cover the adjacent Carabobo 1 and Carabobo-2-South-A areas. The assignment expands the joint venture's existing operational footprint.