Chevron plans to invest more than $7 billion in Venezuela over the next five years, after securing improved commercial and legal terms for its joint ventures and additional acreage in the Orinoco Belt. The article says the key figure to watch is the production target of 600,000 barrels per day, more than double 2026 output, as its three joint ventures produced about 280,000 barrels per day in the second quarter of 2026, up 15% from the prior six months. The roughly 320,000 barrels per day of added output could represent about $8.2 billion in annual gross oil sales at an illustrative $70 per barrel, before operating costs, government payments and ownership stakes. Chevron expects production costs to stay below $20 per barrel, but political, regulatory and infrastructure risks remain significant. The target equals roughly 8% of Chevron's more than 4 million barrels of oil equivalent per day, although its actual share would be smaller because it does not fully own the joint ventures.
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