Chevron announces $7 billion expansion of Venezuela oil operations

Chevron announced a $7 billion investment over five years to expand its joint ventures in Venezuela, aiming to double its oil production to 600,000 barrels per day. The expansion, separate from President Donald Trump's recent deal with North American Blue Energy Partners, leverages Venezuela's world-leading 303 billion barrels of reserves. While U.S. Energy Secretary Chris Wright targets 2 million barrels per day by 2030, analysts warn that decayed infrastructure will delay significant output growth.

Chevron Venezuela expansion investment

• ▪Chevron announced on September 2, 2026, that it will invest over $7 billion in its Venezuelan joint ventures over the next five years
• ▪Chevron, which has operated in Venezuela since 1923, is the only United States oil company currently maintaining a major presence in the country
• ▪Chevron plans to double its oil production in Venezuela to approximately 600,000 barrels per day over five years from its 2026 levels
• ▪Chevron expects its total oil production costs in Venezuela to be less than $20 per barrel under its new agreements signed on September 2, 2026
• ▪Chevron Chief Executive Officer Mike Wirth met with interim Venezuelan President Delcy Rodriguez in Caracas, Venezuela, on September 2, 2026

Trump administration oil deals

• ▪The agreement between the United States and Venezuela grants North American Blue Energy Partners 100-year concessions to drill in 17 oil fields
• ▪Following the United States removal of former Venezuelan President Nicolás Maduro in January 2026, President Donald Trump proposed a $100 billion reconstruction plan
• ▪U.S. President Donald Trump announced an agreement on August 28, 2026, to establish a private joint venture with North American Blue Energy Partners in Venezuela
• ▪White House spokesperson Anna Kelly stated on September 2, 2026, that oil from the U.S.-Venezuela deal could reach U.S. reserves by November 2026

Venezuela production capacity targets

• ▪Alpine Macro strategist Dan Alamariu stated that significant Venezuelan oil output growth is years away due to decayed infrastructure requiring substantial investment
• ▪United States Energy Secretary Chris Wright stated on September 2, 2026, that Venezuela's total oil output is expected to reach 2 million barrels per day by 2030
• ▪Venezuela's oil output in September 2026 is approximately 1.25 million barrels per day, down from its late-1990s peak of over 3 million barrels

Orinoco Belt acreage assignment

• ▪Chevron's joint ventures in Venezuela include Petroindependencia and Petropiar in the Orinoco Belt, and Petroboscan in western Zulia state
• ▪On September 2, 2026, Italy's ENI, GE Vernova, Primavera, and Aspect signed agreements with Venezuela for large oil project expansions
• ▪Chevron was assigned additional acreage in the Orinoco Belt, expanding its Petroindependencia joint venture to include the adjacent Carabobo-1 and Carabobo-2-South-A areas

Venezuela global oil reserves

• ▪OPEC's 2025 Annual Statistical Bulletin ranks Saudi Arabia second globally with 267 billion barrels of proven crude oil reserves
• ▪According to OPEC's 2025 Annual Statistical Bulletin, Venezuela holds the world's largest proven oil reserves with over 303 billion barrels of crude

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