Chevron has announced an expansion of its activity in Venezuela, with an investment package that, according to the company, exceeds $7 billion and is tied to increasing output across several oil projects. The move comes at a time when Caracas is seeking to regain lost weight in the energy market, while U.S. restrictions on Venezuelan oil have shifted between easing measures and selective exemptions.
$7 billion package and the target of 600,000 barrels per day
Petroindependencia, in which Chevron holds a 49% stake, plans to invest more than $7 billion over the next five years. The stated objective is to reach production of around 600,000 barrels of oil per day.
However, Chevron Chief Executive Mike Wirth clarified to CNBC that this amount is not tied to just one single project, but includes a broader package that will be distributed across the company’s three joint ventures in Venezuela. That calls for a more cautious reading of the investment figure, which has been presented as part of a wider expansion plan on several fronts.
Agreements with authorities and signals of further growth
According to the company’s account, Chevron has reached agreements with the Venezuelan authorities for the three entities where it operates, paving the way for new investments, project development and increased production.
Wirth said the company sees major potential in Venezuela’s reserves and presents this expansion as a sign of long-term confidence. Along the same lines, he estimated that an increase of about 300,000 barrels per day within a few years would represent a significant pace for the industry.
Production has increased, but Venezuela remains far below former levels
According to data made public by Chevron, its production in Venezuela has risen this year from around 240,000 barrels per day in January to around 270,000 barrels per day by July. The company says this represents an increase of approximately 15% since the start of the year.
At the national level, Venezuela is reported to be currently producing around 1.2 million barrels per day. That remains significantly lower than the historical peak of more than 3 million barrels per day, even though the country continues to hold the world’s largest oil reserves, estimated at more than 300 billion barrels.
Eni also moves deeper as Washington leaves the door open
In parallel, Italian company Eni has also announced a new agreement with Venezuela, making it the operator of the Junin 5 oil field. According to its executives, this is seen as a first step toward further developments in the sector.
U.S. Energy Secretary Chris Wright, who is in Caracas for meetings with local authorities, said other agreements from energy companies are expected to be announced. According to him, oil production in Venezuela could exceed 2 million barrels per day by the end of this decade.
After shifts in U.S. policy toward Venezuelan oil
These developments come after major changes in U.S. policy toward Venezuela’s oil sector. The embargo on crude oil, imposed in 2019, was eased in 2023 through operating licenses.
Later, the Trump administration revoked those licenses in the first half of 2025, before Chevron secured an exemption that largely allowed it to maintain its activities and facilities. According to Wirth, the new agreements were also made possible by guarantees offered to investors by the Venezuelan authorities and by improvements in contractual and financial conditions.
Chevron’s expansion and Eni’s more active entry show that Venezuela’s oil sector is reopening to international capital, but the real pace of recovery will depend not only on company promises, but also on political stability, contractual conditions and the direction of U.S. policy toward Caracas.
For now, the announced figures signal major ambitions, while the outcome on the ground remains to be proven by actual production and concrete investment.