Chevron to Double Venezuela Output to 600,000 bpd as U.S. Says Oil Production Will More Than Double

3 articles · Updated · Fox News · Sep 11

Chevron plans to lift Venezuelan production to 600,000 barrels per day under a more than $7 billion, five-year investment, after the Trump administration said January’s U.S. operation removed Nicolás Maduro and opened the sector.
Chris Wright said Venezuela’s national oil output will more than double by the end of 2027, arguing U.S. leverage over the post-Maduro government can accelerate investment after years of collapse.
Operation Absolute Resolve lasted less than 30 minutes on Jan. 3 and captured Maduro and his wife, according to administration officials describing it as a joint military and law-enforcement raid.
Venezuela holds more than 300 billion barrels of crude reserves but produces only about 1% of global output, a gap the administration says U.S. capital, rigs and refineries can help close.
The push carries added weight as the Iran war disrupts Hormuz shipments and U.S. gasoline averages about $4.22 a gallon, sharpening Washington’s drive to shift more oil supply into the Western Hemisphere.