Chevron Continues Operations in Venezuela Amid Political Tensions, Producing 150,000 Barrels Daily - 17% of National Output

Chevron, the American oil giant, continues its operations in Venezuela amid dramatic political developments following a U.S. military operation that resulted in President Nicolás Maduro’s arrest last Saturday. In an official statement, Chevron reaffirmed its commitment to employee and asset safety and compliance with all applicable laws and regulations. Chevron is currently the only major U.S. oil company operating in Venezuela, under a special license from the U.S. Treasury Department.

According to the International Energy Agency, Chevron produces about 150,000 barrels of Venezuelan oil daily, representing around 17% of the country’s total output of approximately 860,000 barrels per day. This makes Chevron the largest foreign oil investor in Venezuela. The company operates four joint ventures with state oil company PDVSA, spanning 74,000 acres across western and eastern Venezuela, and exported about 140,000 barrels per day in Q4 2025, per Kpler consultancy data.

Since 2019, Chevron has invested $7 million in the Venezuela Relief Initiative, supporting water, sanitation, medical, and nutrition programs in partnership with the International Red Cross and local organizations. The company has also backed wide-ranging educational and health initiatives, including the “Ola 20” teacher training program benefiting about 9,000 students annually, free surgeries for over 5,000 people with cranial deformities, training for more than 24,000 entrepreneurs between 2009 and 2022, and ongoing support for children with cancer since 2004.

Venezuela holds the world’s largest proven oil reserves at around 303 billion barrels (17% of global reserves), surpassing Saudi Arabia’s 267 billion barrels. However, production has plummeted over 70% from its 1970s peak of 3.5 million barrels per day. PDVSA reported foreign oil sales of $17.52 billion in 2024, with exports averaging about 805,500 barrels per day - a 15% increase over 2023.

Looking ahead, former U.S. President Donald Trump announced that major U.S. oil companies plan to invest billions to rebuild Venezuela’s aging oil infrastructure. Chevron CEO Mike Wirth noted in November, “We’re playing a long game. Venezuela is blessed with tremendous geological resources.” Analysts estimate that restoring Venezuela’s oil industry to 4 million barrels per day will require over $100 billion and at least a decade, conditional on political stability and commercial incentives.