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]