Chevron Announces New Oil Reserves in Venezuela and Plans Production Doubling

Chevron secured new oil reserves in Venezuela's Orinoco region and plans to more than double production by 2028.

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As of 2026-09-02 15:13 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 secured new oil reserves in Venezuela's Orinoco mining region and plans to more than double production in the country by 2028. ^[1] Chevron plans to invest more than $7 billion over the next five years to increase production to approximately 600,000 barrels per day. ^[2] Chevron stated that it has concluded agreements with Venezuelan authorities regarding its three joint ventures in the country, which will support future investments and production growth. ^[3] US Energy Secretary Chris Wright visited Caracas to discuss a separate agreement that could allow Washington to control approximately one-fifth of Venezuela's oil reserves. ^[4] Chevron holds a 49% stake in Petroindependencia, which will lead the investment. ^[5]

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Chevron announced on Wednesday that it has secured new oil reserves in Venezuela's Orinoco mining region and plans to more than double production in the country by 2028. · Les Affaires

Chevron plans to invest more than $7 billion over the next five years to increase production to approximately 600,000 barrels per day. · Le Devoir

Chevron stated that it has concluded agreements with Venezuelan authorities regarding its three joint ventures in the country, which will support future investments and production growth. · Les Affaires

US Energy Secretary Chris Wright visited Caracas to discuss a separate agreement that could allow Washington to control approximately one-fifth of Venezuela's oil reserves. · Les Affaires

Chevron holds a 49% stake in Petroindependencia, which will lead the investment. · Le Devoir

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