Chevron projects an investment of 7 billion dollars in Venezuela to double energy production

Published at: 02/09/2026 01:08 PM

Chevron and Venezuela sign an investment agreement of more than 7 billion dollars, with the objective of doubling the operating capacity of the South American country and achieving a production of 500,000 barrels of oil per day in the next five years.

The announcement was made by the chairman of the board of directors and executive director (CEO) of the multinational energy company Chevron, Michael K. Wirth, during the signing of a new cooperation agreement for long-term investment in Venezuela, an activity that included the president in charge of the Republic, Delcy Rodríguez.

During his speech, Wirth recognized the efforts of President Rodríguez and the Venezuelan Government to establish conditions that favor industrial stability.

The executive also dedicated special recognition to the Venezuelan workforce, stressing that the professionalism and resilience of employees, which in his opinion have been decisive in realizing this agreement.

“The world needs more reliable and affordable energy. Venezuela, with its extraordinary resources and its talented people, helps us achieve that goal, and that is why we are here, not only to sign an agreement but to build a cycle that produces energy and progress, that improves our economy, here in Venezuela and in the world,” he added.

He also reiterated that Chevron has been part of Venezuela's past. “We are investing in your present and together we will help build your future,” he concluded.

Mazo News Team