Chevron and Repsol expand energy operations in Venezuela

oil production Chevron investment Repsol energy sector Venezuela economy

Major energy companies are expanding their operations in Venezuela amid a long-term decline in the nation's oil output. Data from OPEC shows that Venezuela's production has dropped by over 54% since 1996, falling from a peak of 3.067 million barrels per day in 2005 to approximately 1.081 million barrels in 2025.

Chevron has announced a five-year plan to more than double its number of drilling rigs in the country. Supported by an investment exceeding $7 billion, the company aims to increase production to roughly 600,000 barrels per day by 2031. New contractual terms also grant Chevron the right to resolve disputes through international arbitration.

Separately, Spanish energy firm Repsol has reaffirmed its commitment to the Venezuelan market. CEO Josu Jon Imaz stated that the company is investing to increase hydrocarbon extraction and continues to produce significant amounts of natural gas. Repsol, in partnership with Eni, currently provides about 60% of the gas required to stabilize Venezuela's national electric system.

Entities

Barclays · Chevron · Eimear Bonner · Josu Jon Imaz · Repsol · Venezuela

Claims

What the coverage asserts, and how many sources carry each claim.

[● 4 SOURCES] New contractual terms for Chevron in Venezuela include the right to resolve disputes through international arbitration. lajornadasanluis.com.mx · diario.mx · www.entornointeligente.com · www.informe21.com
[● 2 SOURCES] Repsol has reaffirmed its commitment to investing in and increasing hydrocarbon production in Venezuela. 2001online.com · www.informe21.com
[● 4 SOURCES] Chevron aims to increase oil production in Venezuela to approximately 600,000 barrels per day by 2031. lajornadasanluis.com.mx · diario.mx · www.entornointeligente.com · www.riotimesonline.com
[○ 1 SOURCE] Chevron plans to more than double its number of drilling rigs in Venezuela. www.riotimesonline.com
[● 2 SOURCES] Venezuela's oil production peaked at 3.067 million barrels per day in 2005 before beginning a long-term decline. www.diarioultimahoradigital.com.ve · lanacionweb.com
[● 2 SOURCES] Repsol and Eni together provide approximately 60% of the natural gas used by Venezuela's national electric system. 2001online.com · www.informe21.com
[● 4 SOURCES] Chevron will invest more than $7 billion in its Venezuelan joint ventures over a five-year period ending in 2031. lajornadasanluis.com.mx · diario.mx · www.entornointeligente.com · www.riotimesonline.com
[● 2 SOURCES] Venezuela's oil production fell by 54.6% between 1996 and 2025 according to OPEC data. www.diarioultimahoradigital.com.ve · lanacionweb.com