U.S. major Chevron has increased its oil production in Venezuela from 40,000 barrels per day (bpd) to 250,000 bpd over the past few years, with output from its three joint ventures rising 12% year-on-year in the past six months to 280,000 bpd. The company anticipates its Venezuelan production will further increase by 50% to 420,000 bpd by the end of 2028. This acceleration aligns with U.S. efforts to boost output from the country, which holds the world's largest proven crude reserves. Overall, Venezuela's crude oil production, including state oil company PDVSA and its foreign partners, rose by 20,000 bpd in July to 1.21 million bpd.

Other international majors are also expanding their presence: Spain's Repsol aims to triple its production in Venezuela within the next two to three years. BP has established a permanent office in Caracas and secured a license to develop Phase 2 of the offsh