Chevron Commits Over $7 Billion to Expand Venezuelan Oil Operations
Chevron is expanding its existing oil operations in Venezuela's Orinoco Belt, committing over $7 billion in investment over the next five years to increase production. This expansion follows a recent announcement of an oil deal between the United States and…
Los Angeles, CA, September 2, 2026 —
Chevron Corporation is set to significantly expand its oil operations in Venezuela’s Orinoco Belt. The energy giant has committed an investment exceeding $7 billion over the next five years, aiming to boost production from its existing ventures in the region.
This substantial financial commitment from Chevron follows closely on the heels of a recent announcement regarding an oil deal between the United States and Venezuela. The details of that specific deal were not provided in the summary, nor were the exact entities Chevron is partnering with within Venezuela for this expansion.
The planned investment is directed towards increasing the output of oil from Chevron’s current operations located in the Orinoco Belt, a key heavy oil region in Venezuela. The timeline for this expansion is set over the next five years, indicating a medium-term strategy for the company in the South American nation.
The contractor’s name, specific operational sites within the Orinoco Belt, and the projected increase in barrels per day were not detailed in the provided summary. Furthermore, information regarding specific permit statuses or inspection outcomes related to this expansion was not available.
Story summarized from the original created by Willa Rubin | NPR on laist.com, see more information here.
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