US oil major Chevron has agreed updated terms with Venezuela for its joint ventures (JVs), paving the way for investments of more than $7bn over the next five years.
The company said the agreements support future project development and increased oil production in the country.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The arrangements outline fiscal, commercial and legal changes for Chevron’s operations alongside its Venezuelan partners.
Under the new terms, Chevron has also been allocated additional acreage in the Orinoco Belt, furthering its established presence in the region.
With these new parameters, the company expects its JVs to more than double oil output to roughly 600,000 barrels per day compared to 2026.
The associated projects are designed to maintain total costs at under $20 per barrel.
One of the key developments includes the expansion of the Petroindependencia JV, in which a Chevron subsidiary holds a 49% interest.
This JV has been granted rights to develop the Carabobo 1 and Carabobo-2-South-A zones, both located in the Orinoco Belt. These greenfield sites increase Petroindependencia’s extra-heavy oil activities.
The announcement follows an agreement in April in which Chevron increased its stake in Petroindependencia to 49% and secured development rights for the neighbouring Ayacucho 8 region, adjacent to the Petropiar JV.
Since the start of the year, collective output from Chevron’s three JVs has risen by 15%.
Chevron chairman and CEO Mike Wirth said: “Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades.
“With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value.
“This progress reflects the dedication of our Venezuelan employees and our long-standing focus on the responsible development of the country’s resources.”
Chevron’s activities in Venezuela date back to 1923. The company, together with its local partners, operates extra-heavy oil projects in the Orinoco Oil Belt through Petroindependencia and Petropiar, while its Petroboscan JV is located in the western region of Zulia State.
In addition to oil production, Chevron is involved in natural gas extraction, fuels manufacturing and the development of technologies for its business and the wider industry.
In July 2026, the company reported net income of $12.1bn in the second quarter of 2026 (Q2 2026), up by 384% from $2.5bn in Q2 2025.
Adjusted earnings rose to $12bn from $3.1bn a year earlier, representing a 287% increase.
