Chevron expands Orinoco position in Venezuela
- Chevron was assigned additional acreage in the Orinoco Belt, including rights to Carabobo-1 and Carabobo-2-South-A, under the Petroindependencia joint venture where it holds a 49% interest.
- Chevron plans to invest over $7 billion across its Venezuelan joint ventures over the next five years.
- The company aims to more than double production to ~600,000 barrels per day versus 2026, with total costs below $20 per barrel.
- Chevron’s three Venezuelan joint ventures have increased production 15% year‑to‑date; the company has operated in Venezuela since 1923.
Agreement scope
Chevron announced agreements with Venezuela that establish updated fiscal, commercial and legal terms for its joint ventures and assign additional acreage in the Orinoco Belt. Under the arrangements, the Petroindependencia joint venture — in which a Chevron subsidiary holds a 49% interest — received rights to develop Carabobo-1 and Carabobo-2-South-A.
Investment and production targets
The agreements underpin joint-venture plans to invest over $7 billion over the next five years and to more than double production to approximately 600,000 barrels per day compared with 2026. The company says project economics are supported by total costs of less than $20 per barrel.
Operational changes
The newly assigned Carabobo greenfield sites expand Petroindependencia’s footprint where extra-heavy oil production is increasing. Earlier agreements expanded Chevron’s rights in Ayacucho 8 and raised its working interest in Petroindependencia; collectively Chevron’s three Venezuelan joint ventures have grown production by 15% year‑to‑date.
Context and stakeholders
Chevron operates extra-heavy oil projects in the Orinoco Oil Belt through Petroindependencia and Petropiar and has Petroboscan operations in Zulia State. The company cited engagement with the U.S. Department of Energy and Secretary Wright as contributing to the conditions enabling further investment.
Source: Chevron
