Chevron to self-finance $7 billion expansion in Venezuela

Chevron Corp. plans to execute a $7 billion expansion in Venezuela by utilizing profits from crude oil produced and sold within the country, rather than injecting external capital. CEO Mike Wirth announced at the University of Texas Energy Symposium that the company aims to double its production to more than 600,000 barrels per day over the next five years through its Venezuelan joint ventures.

This self-financing strategy reflects a cautious approach to growth in a region with a history of oil industry nationalizations. While Chevron remained in Venezuela following the rise of Hugo Chávez—unlike competitors such as ExxonMobil and ConocoPhillips—Wirth indicated that the commitment of additional corporate funds would depend on political stability. He noted that transparent elections with international support are crucial factors for the company to view the country as a more viable long-term investment.