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VINnews · Sep 2, 2026

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*🇺🇸 🇻🇪-Chevron Plans $7 Billion Push To Double Venezuela Oil Output* Chevron CEO Mike Wirth said the company plans to more than double its oil production in Venezuela over the next five years through a $7 billion investment. The target is about 600,000 barrels per day, up from roughly 280,000 barrels now. The expansion includes new acreage in the Carabobo area of the Orinoco Belt, next to Chevron’s existing Petroindependencia joint venture. The company says updated terms with PDVSA give it stronger fiscal, commercial, and legal protections, with total costs expected under $20 a barrel. Wirth told CNBC the extra Venezuelan barrels would not compete with U.S. production. Much of that crude typically moves to Gulf Coast refineries. For families across South Florida with roots in Venezuela, this is one of the biggest U.S. energy commitments in the country in years. Production growth, if it actually materializes, would take time. Wirth said the ramp-up is measured in years, not months.

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