Morningstar

Chevron Readies Plans to Invest $7 Billion, Double Production in Venezuela

Provided by Dow Jones

By Connor Hart 




  Chevron is taking steps to more than double its production in Venezuela, planning to invest more than $7 billion in the country over the next five years. 



  The company on Wednesday said it has entered into multiple agreements with Venezuela, establishing updated terms with its joint ventures to support future investment, project development and production growth. 



  The agreements set out provisions for Chevron's joint ventures in Venezuela, the company said, including enhanced fiscal, commercial and legal terms intended to support durable and competitive long-term investments. 



  Chevron, as part of the agreements, has been assigned additional acreage in the Orinoco Belt, where the company has an established position. 



  The agreements come after President Trump last week said the U.S. had reached a deal with Venezuela to secure control of a big chunk of the Latin American country's oil reserves. 



  The country's oil industry fell into widespread disarray following years of mismanagement during the regimes of the late Hugo Chávez and former President Nicolás Maduro. Since ousting Maduro in January, Trump has pushed U.S. oil companies to plow money into the country in a bid to shore up oil production. 



  The Wall Street Journal reported last week that Chevron was nearing a deal to make a big investment in Venezuela's oil fields. Still, many other companies have been hesitant to reenter the country. 





  Write to Connor Hart at connor.hart@wsj.com 





  (END) Dow Jones Newswires



  September 02, 2026 06:51 ET (10:51 GMT)


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