The Daily Journal. — U.S. energy giant Chevron plans to increase its crude oil output in Venezuela by 50% by the end of 2028, targeting production of 420,000 barrels per day (bpd), the company’s Chief Financial Officer Eimear Bonner said during a recent earnings call.
The company’s financial results show a sustained recovery in its local operations: “The U.S. supermajor has increased its oil production in Venezuela from 40,000 barrels per day (bpd) to 250,000 bpd in recent years.”
In addition, when considering the performance of its three active joint ventures alone, “production rose 12% year-on-year over the past six months to reach 280,000 bpd.”
Asset restructuring and equity stakes
The U.S. company accelerated its production growth after finalizing an asset swap with Petróleos de Venezuela, S.A. (Pdvsa) in mid-April. Under the agreement, Chevron acquired an additional 13.21% stake in the Petroindependencia joint venture, increasing its ownership to 49%.
Chevron’s joint operations in Venezuela span three strategic ventures in partnership with state-owned PDVSA. Petroindependencia stands out, with the U.S. company consolidating a 49% stake following the recent equity adjustment agreement finalized in mid-April.
The company also holds an interest in Petropiar, where a Chevron subsidiary owns a 30% stake that includes rights to explore and develop the adjacent Ayacucho 8 area in the Orinoco Oil Belt. Finally, Chevron complements its operational presence through Petroindependiente, where it holds a 25.2% non-operated interest in oil fields in western Venezuela.
Chevron’s expansion comes as Venezuela’s energy industry gains momentum. Data from the Ministry of Hydrocarbons showed that in July, Pdvsa and its foreign partners increased their combined average output by 20,000 bpd to 1.21 million bpd. They directed nearly all of that volume to export markets, compared with an average production level of 847,000 bpd throughout 2025.
