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Wednesday, September 2, 2026 · UTC
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Chevron to invest $7bn in Venezuela to double oil output to about 600,000 bpd

Chevron will invest over $7bn through Venezuela joint ventures to double oil output to about 600,000 bpd over five years.

TruthFoundry News Desk
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Stands on 12 placed sources from 6 publishers.
As of 2026-09-02 15:00 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, the US oil major, announced a plan to invest more than $7bn through its Venezuela joint ventures to double oil production to about 600,000 barrels per day over the next five years. [1] The bilateral agreement cedes to the United States the exploitation of one-fifth of Venezuela's oil reserves. [2] The announcement came days after US President Donald Trump unveiled an unprecedented deal involving a fifth of Venezuela's oil reserves, with the US government taking an equity stake in a private oil firm operating there. [3] Under new agreements, Chevron's Petroindependencia joint venture will expand to include two adjacent areas in the Carabobo region of Venezuela's Orinoco Belt, according to the company. [4] Venezuela holds the world's largest oil reserves but currently produces only about 1.25 million barrels per day, down from over 3 million bpd two decades ago after years of mismanagement and underinvestment by state-owned PDVSA. [5] Chevron CEO Mike Wirth said the company's expanded presence reflects confidence in Venezuela's resource potential and its ability to compete for long-term investment. [6] Chevron plans to increase its daily oil production in Venezuela to approximately 600,000 barrels per day by 2031, more than doubling the 2026 level. [7] Mike Wirth, president and CEO of Chevron, stated in a press release on 2026-04-12 that the company has reached agreements with Venezuela to improve fiscal, commercial, and legal conditions for its joint ventures. [8] The agreement grants the United States access to 65 billion barrels of crude oil, representing 20% of Venezuela's estimated 300 billion barrels of proven reserves. [9] Venezuela's current oil production is 1.25 million barrels per day, down from 3 million barrels daily 20 years ago. [10] US President Donald Trump announced an agreement to develop Venezuela's oil reserves and grant the Pentagon a share of the profits. [11] The agreement grants the joint venture Petroindependencia, in which Chevron holds a 49% stake, rights to develop the Carabobo-1 and Carabobo-2-South-A areas in the Orinoco Belt. [12]
What this stands on
  1. Chevron, the US oil major, announced a plan to invest more than $7bn through its Venezuela joint ventures to double oil production to about 600,000 barrels per day over the next five years. · Business Day
  2. The bilateral agreement cedes to the United States the exploitation of one-fifth of Venezuela's oil reserves. · lanacion.com.arArgentina
  3. The announcement came days after US President Donald Trump unveiled an unprecedented deal involving a fifth of Venezuela's oil reserves, with the US government taking an equity stake in a private oil firm operating there. · Business Day
  4. Under new agreements, Chevron's Petroindependencia joint venture will expand to include two adjacent areas in the Carabobo region of Venezuela's Orinoco Belt, according to the company. · Business Day
  5. Venezuela holds the world's largest oil reserves but currently produces only about 1.25 million barrels per day, down from over 3 million bpd two decades ago after years of mismanagement and underinvestment by state-owned PDVSA. · Business Day
  6. Chevron CEO Mike Wirth said the company's expanded presence reflects confidence in Venezuela's resource potential and its ability to compete for long-term investment. · El Nuevo DíaPuerto Rico
  7. Chevron plans to increase its daily oil production in Venezuela to approximately 600,000 barrels per day by 2031, more than doubling the 2026 level. · ELHERALDO.COColombia
  8. Mike Wirth, president and CEO of Chevron, stated in a press release on 2026-04-12 that the company has reached agreements with Venezuela to improve fiscal, commercial, and legal conditions for its joint ventures. · ELHERALDO.COColombia
  9. The agreement grants the United States access to 65 billion barrels of crude oil, representing 20% of Venezuela's estimated 300 billion barrels of proven reserves. · lanacion.com.arArgentina
  10. Venezuela's current oil production is 1.25 million barrels per day, down from 3 million barrels daily 20 years ago. · Valora Analitik
  11. US President Donald Trump announced an agreement to develop Venezuela's oil reserves and grant the Pentagon a share of the profits. · Efecto Cocuyo
  12. The agreement grants the joint venture Petroindependencia, in which Chevron holds a 49% stake, rights to develop the Carabobo-1 and Carabobo-2-South-A areas in the Orinoco Belt. · ELHERALDO.COColombia
They publish from Argentina, Puerto Rico, Colombia. 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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They publish from Argentina, Puerto Rico, Colombia. 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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