Chevron sees 50% growth in Venezuela oil production by end of 2028: CFO

Chevron forecasts a potential 50% surge in crude oil production from its Venezuela ventures by the close of 2028, according to CFO Eimear Bonner. Over recent years, the company has boosted output from its three joint ventures from 40,000 to 250,000 barrels per day (b/d). Currently, production has climbed to 280,000 b/d, marking a 15% increase in the past six months. The firm anticipates further expansion, projecting up to a 50% rise by the year's end.

Chevron has bolstered its presence in Venezuela through a deal with PDVSA, obtaining an additional 13.21% stake in the Petroindependencia joint venture, raising its overall share to 49%. The other two joint ventures are Petropiar, where Chevron's subsidiary holds a 30% interest and has the rights to develop the adjacent Ayacucho 8 region, and a 25.2% non-operated stake in Petroindependiente in western Venezuela.

In July, the combined production of PDVSA and its foreign partners, including production and participation contracts, reached 1.21 million b/d, a 20,000 b/d increase from June's 1.19 million b/d. Bonner highlighted that debt recovery efforts are progressing well, expecting full recovery by early 2027. She also noted that Chevron's operations in Venezuela are "going well," and the company remains committed to exploring new opportunities there due to the country's potential and existing assets.

Specific terms of the fiscal negotiations are undisclosed, as Bonner emphasized that they must be competitive within Chevron's capital allocation strategy.