US oil giant Chevron confirms it will expand operations in Venezuela

PUBLISHED Sep 2, 2026, 12:45 PM ET

Chevron said Wednesday it will invest more than $7 billion in Venezuela over five years, expanding its joint ventures and targeting production of about 600,000 barrels per day by 2031. The Houston-based oil major said Venezuela assigned additional acreage in the Orinoco Belt to Petroindependencia, where Chevron holds a 49% interest. The new areas are Carabobo 1 and Carabobo-2-South-A. Chevron said updated fiscal, commercial and legal terms support the investment, while production costs are expected to remain below $20 per barrel. The announcement follows the Trump administration’s effort to revive Venezuela’s oil industry after years of underinvestment and declining output. Chevron’s move is separate from a U.S. government-backed agreement involving North American Blue Energy Partners. Reuters reported the Chevron negotiations were conducted separately. Energy experts caution that Venezuela’s damaged infrastructure could delay production growth. The expansion could eventually add heavy crude supplies, but is unlikely to reduce U.S. gasoline prices.

By Michael Grant | JQJO News

Explain Framing

Left: Left coverage emphasizes sanctions, legality, risks, and Venezuelan sovereignty concerns. Center: Center coverage emphasizes investment, production targets, legal terms, and uncertainty. Right: Right coverage emphasizes energy security, investment, production growth, and leverage.