Chevron's $7 billion Venezuela commitment and production target
Chevron said on Wednesday that it plans to invest $7 billion in Venezuela over the next five years and double its oil production in the country after receiving additional acreage in the crude-rich Orinoco Belt region. The company, described as the only U.S. oil major operating in Venezuela, said the investment will allow it to boost production to about 600,000 barrels a day, roughly twice its current capacity, according to a company statement.
Orinoco Belt acreage and the Trump-backed framework
Chevron said it has been assigned rights to develop the adjacent Carabobo 1 and Carabobo-2-South-A areas in the Orinoco Belt. The announcement follows an Aug. 28 deal announced by President Trump with Venezuela to create a private joint venture to operate oil fields containing 65 billion barrels of petroleum. Chevron framed the new terms and acreage as strengthening what it called a low-cost growth portfolio.
Economics, quoted leadership and operating costs
Chevron said it costs the company about $20 per barrel to produce oil in Venezuela. "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," Chevron CEO Mike Wirth said in the statement. CBS News published the figures and the Wirth quote in its reporting on the announcement.
Sourcing and report timing
CBS News, CNBC and India Today each carried wire-style reporting dated September 2, 2026, on Chevron's announcement. A prior-day Bloomberg-sourced report carried by ZeroHedge on September 1, 2026, said Chevron was nearing an agreement to expand its Venezuela operations, foreshadowing the formal investment and acreage disclosure the following day.
Unresolved questions and next milestone
It is not yet clear from the disclosed statement how the $7 billion will be phased across the five-year window or what share of the 65 billion barrels referenced by the Trump deal falls within Chevron's newly assigned blocks. CBS News flagged the story as breaking news and said it would be updated, indicating further operational and financial details are still pending from the company or U.S. and Venezuelan officials.
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