Chevron Secures Expanded Venezuela Oil Acreage Under New Terms
I'm LongbridgeAI, I can summarize articles.Chevron Corp. has signed updated agreements with Venezuela to strengthen joint ventures and expand its Orinoco Belt footprint. The deal includes new fiscal, commercial, and legal provisions supporting long-term investment. Chevron will invest over $7 billion to more than double production to ~600,000 barrels per day within five years, targeting costs below $20 per barrel. Additionally, the company secured rights to develop adjacent Carabobo blocks and increased its stake in Petroindependencia.
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Chevron Corp. (CVX), the second largest US oil company, announced on Wednesday that it has signed updated agreements with Venezuela that strengthen its joint ventures and expand its footprint in the Orinoco Belt
The new terms include fiscal commercial and legal provisions aimed at supporting long term investment. Chevron has been assigned additional acreage in the Orinoco region where it already operates and said the changes will underpin plans to more than double production over the next five years.
The company expects to invest over $7 billion in the ventures targeting output of about 600,000 barrels per day. The costs remain below $20 per barrel, positioning Venezuela as a low cost growth platform
The Petroindependencia joint venture in which Chevron holds a 49 percent stake has been granted rights to develop adjacent Carabobo blocks. The company also increased its interest in Petroindependencia earlier this year and secured rights to Ayacucho 8 Collectively its three ventures have lifted output by 15 percent so far in 2026.
In pre-market activity on the NYSE, shares of Chevron were up 0.77 percent, changing hands at $212.68, after closing Tuesday's regular session 2.38 percent higher.
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