Chevron (NYSE: CVX) is preparing to invest more than $7 billion in Venezuela over the next five years, expanding its presence in a country with some of the world's largest oil reserves. In fact, the company recently secured improved commercial and legal terms for its Venezuelan joint ventures, along with additional drilling acreage in the country's oil-rich Orinoco Belt. But the number you should watch isn't the $7 billion investment. It's 600,000 barrels per day. That's Chevron's production target for Venezuela, representing more than double its 2026 output. Image source: Getty Images. Chevron's three Venezuelan joint ventures produced about 280,000 barrels of oil per day in the second quarter of 2026, up 15% from the previous six months. So reaching 600,000 barrels per day would add roughly 320,000 barrels of daily production.
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