Chevron Expands Venezuela Oil Portfolio With Carabobo Acreage

06:41 AM EDT, 09/02/2026 (MT Newswires) -- Chevron (CVX) reached agreements with Venezuela on updated joint venture terms, including enhanced fiscal, commercial and legal provisions to support investment, development and production growth, the company said Wednesday. Under the deal, Chevron's 49% owned Petroindependencia joint venture received rights to develop the Carabobo 1 and Carabobo-2-South-A areas in Venezuela's Orinoco Belt, the company said. The updated terms support plans to invest more than $7 billion over five years and more than double Venezuelan production to about 600,000 barrels per day, with total costs below $20 per barrel, it added.