Chevron plans to double oil production in Venezuela with $7 billion investment
Updated on: September 2, 2026 / 8:16 AM EDT / CBS News
TL;DR
- Chevron will invest $7 billion in Venezuela over the next five years.
- The investment aims to double oil production to 600,000 barrels a day.
- Chevron received additional acreage in the crude-rich Orinoco Belt region.
- The company has operated in Venezuela since 1923.
- Venezuela holds the world's largest proven oil reserves.
- Experts believe meaningful new oil output will take years due to infrastructure issues.
- A White House-backed deal involves North American Blue Energy Partners (NABEP) operating 17 oil fields.