Chevron Corp. sees the potential to increase its Venezuelan oil production by as much as 50% over the next 18-24 months, its Chief Executive Officer Mike Wirth said during the company’s earnings conference call today.
The U.S. government has been working with Venezuelan authorities to support revitalization of the nation’s oil sector, including discussions with major oil companies on investment and export opportunities.
Chevron currently produces about 250,000 barrels of oil equivalent per day (boe/d) in Venezuela. According to a Reuters report citing an interview with the company’s Chief Financial Officer, Eimear Bonner, any further growth depends on receiving additional authorizations from Washington.
Wirth said the company already increased production in its Venezuela ventures by over 200,000 b/d through a venture-funded model to recover outstanding debt, in collaboration with its Venezuelan partners.
“There is significant potential in our assets and in the country. We’re optimistic the future holds a more competitive and robust pathway to deliver value to Venezuela, the United States and Chevron,” Wirth said during the earnings call presentation.
The remarks came as Chevron reported its fourth-quarter 2025 earnings.
The company’s Venezuela plans are unfolding in the context of recent geopolitical developments. The U.S. capture and removal of Venezuelan President Nicolás Maduro earlier this month has accelerated dialogue between Washington and Caracas on energy cooperation aimed at boosting production.
The Trump administration has signalled its intention to draw foreign investment into Venezuela’s oil industry, though some majors remain cautious given past controversies.
Chevron remains the only U.S. supermajor currently operating in Venezuela, where investors see large untapped reserves. Expansion in output could bolster Chevron’s supply to its refineries and contribute to U.S. energy security objectives.
Chevron entered Guyana last year, through its acquisition of Hess Corporation, and is now co-venturing with ExxonMobil and CNOOC in the prolific Stabroek Block, which currently produces nearly 900,000 b/d.
