Chevron Plans to Invest More Than $7 Billion in Venezuela to Boost Oil Production

Chevron aims to expand its presence in Venezuela through new investments in the Orinoco oil fields, with the goal of significantly increasing production.

Petroindependencia, a company in which Chevron holds a 49% stake, plans to invest more than $7 billion over the next five years. The objective is to reach production of around 600,000 barrels of oil per day.

Chevron CEO Mike Wirth told CNBC that the amount includes an investment package that will be divided among the company’s three joint ventures in Venezuela, all of which are active in oil production.

The company also announced that it has reached agreements with Venezuelan authorities regarding these three entities. According to Chevron, the agreements create opportunities for new investment, project development and increased production.

“Chevron’s history in Venezuela dates back more than a century, and the expansion of our positions demonstrates our confidence in the country’s vast resource potential,” Wirth said.

Chevron’s production in Venezuela has increased this year. In January, the company was producing an average of around 240,000 barrels per day, while in July the figure stood at around 270,000 barrels per day. The company says production has risen by approximately 15% since the beginning of the year.

Wirth said that increasing production by around 300,000 barrels per day within a few years would represent a significant growth rate for the industry.

The new investments come as Venezuela seeks to restore its oil production capacity. The country has the world’s largest oil reserves, estimated at more than 300 billion barrels, but current production stands at around 1.2 million barrels per day, well below the record level of more than 3 million barrels per day.

Eni Also Expands Operations in Venezuela

During the same period, Italian energy company Eni announced a new agreement with Venezuela under which it will assume the role of operator of the Junin 5 oil field.

“Signing an oil agreement with Venezuela is the first step toward further development,” Eni CEO Claudio Descalzi said.

U.S. Energy Secretary Chris Wright, who is in Caracas for meetings with local authorities, said energy companies are expected to announce additional agreements.

Wright predicted that Venezuelan oil production will rise to more than 2 million barrels per day by the end of this decade.

These developments follow changes in the United States’ approach to Venezuela’s oil industry. The embargo on the country’s crude oil, imposed in 2019, was eased in 2023 through operating licenses. The Trump administration revoked those licenses in the first half of 2025, but Chevron later secured an exemption that largely allowed it to maintain its operations and facilities.

According to Wirth, the new agreements were also made possible by guarantees provided to investors by Venezuelan authorities, as well as improved contractual and financial terms.