Chevron in Venezuela: Operations, Deals and Output in 2026
Chevron is the largest oil operator in Venezuela. It has worked in the country since 1923 and produces through three joint ventures with the state oil company PDVSA: Petropiar and Petroindependencia in the Orinoco Belt, and Petroboscán in Zulia state. Their output has grown 15% so far in 2026. On September 2, 2026, Chevron announced new acreage and plans to invest more than $7 billion over five years to more than double production to about 600,000 barrels a day, per Oil & Gas Journal.
Chevron’s joint ventures in Venezuela
| Joint venture | Where | Chevron’s share |
|---|---|---|
| Petropiar | Orinoco Belt | not disclosed |
| Petroindependencia | Orinoco Belt | 49% |
| Petroboscán | Zulia state | not disclosed |
- Petropiar and Petroindependencia produce extra-heavy oil in the Orinoco Belt.
- In April 2026, Chevron raised its Petroindependencia stake to 49% and got rights to Ayacucho 8, next to Petropiar.
- In September 2026, Petroindependencia was assigned the adjacent Carabobo 1 and Carabobo-2-South-A areas.
PDVSA holds the rest of each venture.
What changed in 2026
- April: an agreement raised Chevron’s stake in Petroindependencia to 49% and gave it Ayacucho 8, per Oil & Gas Journal.
- August 31: the White House announced a separate oil deal with the private firm NABEP, which AP describes as Venezuela’s second-largest oil operator, behind Chevron (the Venezuela oil deal explained).
- September 2: Chevron announced agreements with “enhanced fiscal, commercial and legal terms,” new Orinoco Belt acreage, the $7 billion plan and the 600,000 b/d target. CEO Mike Wirth said the expanded position “reflects our confidence in the country’s deep resource potential,” and that costs are under $20 a barrel.
How much oil does Chevron ship from Venezuela?
In September 2026, Chevron shipped about 283,000 barrels a day of Venezuelan oil, out of total exports of 1.08 million b/d, per OilPrice.com. Most Venezuelan crude went to the United States that month (629,000 b/d). Country-wide figures: Venezuela oil production.
How Chevron operates under U.S. sanctions
U.S. sanctions on Venezuela remain, so Chevron works under authorizations from the U.S. government. Its annual report for 2025 says it conducted activities in Venezuela “consistent with the authorization provided pursuant to licenses issued by the United States government.” In 2026 the Treasury issued broader general licenses for the energy sector (what they allow).
Risks
- Licenses can change with U.S. policy.
- Legal durability: FOX 10 noted doubts about whether the interim government can grant long-term rights without National Assembly approval.
- Other companies are wary: Exxon’s CEO called Venezuela “uninvestable” in January, and Exxon said this September that “nothing has changed,” per FOX 10.
What is not known
- Chevron’s net production in Venezuela: the sources give gross joint-venture targets, not Chevron’s own share.
- The terms of the September agreements, which have not been published.
- Whether the 600,000 b/d target will be met by 2031.
This page is information, not investment advice. Other listed companies with business in Venezuela: Venezuela oil stocks.