Chevron Announces Agreements to Expand Joint Ventures and Investment in Venezuela

Chevron Corporation (NYSE: CVX) announced new agreements with Venezuela to update terms for its joint ventures, aiming to support over $7 billion in future investment, project development, and production growth over the next five years. The agreements include enhanced fiscal, commercial, and legal terms and assign Chevron additional acreage in the Orinoco Belt, with plans to more than double production to approximately 600,000 barrels a day compared to 2026.