Chevron Commits $7 Billion to Venezuela Expansion
Major investment to double Venezuelan production raises questions about capital allocation for Bakken operations.
Chevron will invest more than $7 billion in Venezuela over the next five years, a major international commitment announced Wednesday that could influence capital spending in other regions, including the Bakken. According to a report from OilPrice.com citing Reuters, the investment aims to more than double Chevron's oil production in Venezuela to about 600,000 barrels per day by 2031.
The capital will be deployed through Chevron's three Venezuelan joint ventures, with the company stating total production costs will remain below $20 per barrel. The investment follows new agreements with Venezuela that provide Chevron with improved fiscal, commercial, and legal terms, as well as additional acreage in the Orinoco Belt. Chevron currently produces about 290,000 barrels per day in Venezuela.
For Bakken operators and North Dakota stakeholders, the scale of this overseas investment highlights the global competition for finite capital within integrated majors. While the source material does not detail specific Bakken spending plans, a multi-billion dollar, multi-year commitment to one international asset often necessitates strategic prioritization across a company's portfolio. Chevron is a significant operator in the Williston Basin.
The new Venezuelan acreage includes the Carabobo-1 and Carabobo-2-South-A areas, assigned to the Petroindependencia joint venture where Chevron holds a 49% interest. The company also increased its stake in that venture to 49% in April and received rights to develop the Ayacucho 8 area. Chevron's Venezuelan ventures have already increased production by 15% so far this year, according to the report.
This investment is separate from a reported U.S. government agreement to take a majority stake in 17 Venezuelan oilfields. The OilPrice.com report notes that former President Donald Trump has called for roughly $100 billion of investment to rebuild Venezuela's oil industry following geopolitical changes earlier in 2026.
The announcement puts specific figures on agreements that were previously only described as being of "significant size." Other major U.S. operators, ExxonMobil and ConocoPhillips, have not returned to Venezuela since their assets were nationalized in 2007. The substantial capital directed to Venezuela will be closely watched by the Bakken industry as an indicator of Chevron's broader investment strategy.
Source
OilPrice.com, citing Reuters, published September 2, 2026.
