Chevron to Double Venezuela Oil Production in Five Years

Chevron announces agreements to double its Venezuelan oil output by 2026 amid US government investment push.

TruthFoundry News Desk

Stands on 8 placed sources from 5 publishers.

As of 2026-09-02 15:20 UTC. Market figures are as the cited sources reported them at that time and may have moved since. This is news, not investment advice.

Chevron announced on Wednesday that it has reached agreements to double its oil production in Venezuela within five years, targeting approximately 600,000 barrels per day. ^[1] US Energy Secretary Chris Wright stated on 2026-04-12 that Venezuelan oil production is projected to exceed 2 million barrels daily by the end of the decade. ^[2] The US government aims to reactivate Venezuelan oil and gas exploitation following the capture of Nicolás Maduro in a US military operation on January 3. ^[3] Under the new agreements, Chevron's joint venture Petroindependencia, in which it holds a 49% stake, received licenses to exploit two additional oil fields, Carabobo 1 and Carabobo 2 Sur-A. ^[4] The agreements include new concessions in the Orinoco Belt and updated legal, fiscal, and commercial terms. ^[5] US Energy Secretary Chris Wright is closing a pact in Caracas that cedes a fifth of Venezuela's oil reserves to Washington. ^[6] The agreements include updated legal, fiscal, and commercial terms that Chevron stated will allow it to double its production in Venezuela within five years. ^[7] The new production target of 600,000 barrels daily represents more than double the company's production level in 2026. ^[8]

What this stands on

Chevron announced on Wednesday that it has reached agreements to double its oil production in Venezuela within five years, targeting approximately 600,000 barrels per day. ·

elcomercio.pePeru

US Energy Secretary Chris Wright stated on 2026-04-12 that Venezuelan oil production is projected to exceed 2 million barrels daily by the end of the decade. · La República.pePeru

The US government aims to reactivate Venezuelan oil and gas exploitation following the capture of Nicolás Maduro in a US military operation on January 3. ·

elcomercio.pePeru

Under the new agreements, Chevron's joint venture Petroindependencia, in which it holds a 49% stake, received licenses to exploit two additional oil fields, Carabobo 1 and Carabobo 2 Sur-A. ·

elcomercio.pePeru

The agreements include new concessions in the Orinoco Belt and updated legal, fiscal, and commercial terms. · Portafolio

US Energy Secretary Chris Wright is closing a pact in Caracas that cedes a fifth of Venezuela's oil reserves to Washington. · Portafolio

The agreements include updated legal, fiscal, and commercial terms that Chevron stated will allow it to double its production in Venezuela within five years. · TalCual

The new production target of 600,000 barrels daily represents more than double the company's production level in 2026. · Finanzas Digital

The 2 we could place publish from Peru. 3 could not be placed by their address. None is an official body: that part stands on reporting, not on the underlying document or transcript.

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