SAN RAMON (dpa-AFX) - Chevron Corp. (CVX), the second largest US oil company, announced on Wednesday that it has signed updated agreements with Venezuela that strengthen its joint ventures and expand its footprint in the Orinoco Belt
The new terms include fiscal commercial and legal provisions aimed at supporting long term investment. Chevron has been assigned additional acreage in the Orinoco region where it already operates and said the changes will underpin plans to more than double production over the next five years.
The company expects to invest over $7 billion in the ventures targeting output of about 600,000 barrels per day. The costs remain below $20 per barrel, positioning Venezuela as a low cost growth platform
The Petroindependencia joint venture in which Chevron holds a 49 percent stake has been granted rights to develop adjacent Carabobo blocks. The company also increased its interest in Petroindependencia earlier this year and secured rights to Ayacucho 8 Collectively its three ventures have lifted output by 15 percent so far in 2026.
In pre-market activity on the NYSE, shares of Chevron were up 0.77 percent, changing hands at $212.68, after closing Tuesday's regular session 2.38 percent higher.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
