# Chevron to Invest $7 Billion to Expand Venezuela Oil Output as U.S. Sees Production Doubling

*Wednesday, September 2, 2026 at 12:07 PM UTC — Hamer Intelligence Services Desk*

**Published**: 2026-09-02T12:07:43.367Z (1h ago)
**Category**: markets | **Region**: Latin America
**Importance**: 8/10
**Sources**: OSINT
**Permalink**: https://hamerintel.com/data/articles/16612.md
**Source**: https://hamerintel.com/summaries

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**Deck**: Chevron plans to invest more than $7 billion in Venezuela over five years, more than doubling its own output there, while the U.S. energy secretary says the country’s overall production could more than double in coming years. The moves signal that one of the world’s most troubled oil sectors is being drawn back into the global supply mix.

Venezuela’s battered oil industry is edging back toward the centre of global supply planning as U.S.-linked investment and official forecasts turn more optimistic.

Chevron intends to expand its operations in Venezuela, more than doubling production via a planned $7 billion investment, according to recent reports. The money is to be spent over the next five years.

The company has also reached a deal for two oil fields in Venezuela's Orinoco Belt, an area known for its heavy crude reserves.

Separately, U.S. Energy Secretary Chris Wright said Venezuela’s oil output could more than double in the next few years under a series of energy agreements involving U.S. and international companies. He did not give exact figures but framed the potential increase as significant.

For Venezuela, this offers a chance to revive an economy weakened by years of crisis and underinvestment. For international oil markets, it suggests new barrels could arrive just as other regions face disruptions.

Saudi Arabia has accused Iran of attacking a Saudi vessel in the Strait of Hormuz, a key oil transit route. Maritime reporting has noted a security incident involving a tanker and casualties in the same waters. Peru, citing tensions in the Middle East, the impact on trade through Hormuz and Iran’s wider regional role, has cut diplomatic relations with Tehran while keeping consular links.

Against that backdrop, more supply from Venezuela could give buyers an additional option at a time of concern over routes linked to Hormuz.

The pace at which Chevron’s $7 billion plan translates into higher exports, and how quickly Venezuela’s overall production responds to the new agreements described by the U.S. energy secretary, will determine how much this shift changes the balance in the oil market.