*Acknowledged the support of the U.S. Department of Energy and Energy Secretary Chris Wright in facilitating investment conditions
WorldStage– Chevron Corporation, American oil giant has announced plans to invest over $7 billion over the next five years across its joint ventures, targeting a production increase to approximately 600,000 barrels per day (more than double current 2026 levels).
Chevron in a statement said the total production costs are expected to remain under $20 per barrel.
Under updated agreements, the Petroindependencia, S.A. joint venture (where Chevron holds a 49% stake) received development rights for the greenfield Carabobo-1 and Carabobo-2-South-A areas in the Orinoco Belt.
The deal includes updated fiscal, commercial, and legal terms designed to support durable, competitive long-term investment.
Chevron Chairman and CEO Mike Wirth noted that Chevron’s history in Venezuela spans over a century and highlighted confidence in the country’s resource potential.
He also acknowledged the support of the U.S. Department of Energy and Energy Secretary Chris Wright in facilitating investment conditions.
