VENEZUELA · ENERGY
Key Facts
—The headline: Chevron projects Chevron Venezuela production will rise from around 50,000 barrels per day to roughly 250,000 by the end of 2028, a 50 percent expansion of the company’s regional footprint.
—The framework: Chevron operates four joint ventures with state oil company PDVSA producing 240,000 to 250,000 barrels per day of heavy crude under OFAC General License 49, which Treasury issued on February 13, 2026.
—On the record: CEO Mike Wirth and refining vice president Mark Nelson confirmed the trajectory in May 28 corporate communications, citing legal and contractual guarantees as the conditioning factor.
