Chevron Corp. is expanding its acreage position in Venezuela under updated terms for its current joint ventures in the country, a move the company said supports plans to invest more than $7 billion over the next 5 years and more than double production to about 600,000 b/d from expected 2026 levels.
In a release Sept. 2, 2026, Chevron said it has been assigned additional acreage in the Orinoco Belt, where the company already holds interests.
Orinoco Belt acreage expands growth plans
The Petroindependencia SA joint venture, in which a Chevron subsidiary holds a 49% interest, has been assigned rights to develop the adjacent Carabobo 1 and Carabobo-2-South-A areas in the Orinoco Belt. The greenfield sites expand the joint venture's existing operating footprint, where it is increasing extra-heavy oil production, Chevron said.
The acreage assignment follows an April agreement that increased Chevron's interest in Petroindependencia to 49% and retained rights to develop the Ayacucho 8 area adjacent to the Petropiar SA joint venture. Together, Chevron's three joint ventures have increased production by 15% year to date, the company said.
Chevron said Venezuela's resource base and operating costs of less than $20/bbl present an opportunity to increase oil production while maintaining capital discipline.
"Chevron's history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country's deep resource potential and its ability to compete for investment within our portfolio for decades," said Mike Wirth, chairman and chief executive officer. "With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value."
