Chevron Aims to Double Venezuela Output -- WSJ

By Collin Eaton

Chevron has inked a deal to spend $7 billion in Venezuelan oil fields over the next five years.

It adds two new undeveloped heavy oil fields to the company's JV with state-run Petróleos de Venezuela.

The expansion plan-a win for the Trump administration, which has prompted oil companies to invest there-will double Chevron's output over five years to 600,000 barrels per day. Its production rate there is up some 15% this year.

Chevron shares inched higher in premarket trading.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

September 02, 2026 07:05 ET (11:05 GMT)