Venezuela has become one of the priority areas of Chevron’s investment strategy. The American oil company plans to invest approximately $7 billion in projects in the country over the next five years, doubling production to nearly 600,000 barrels per day. At the same time, NABEP, led by Venezuelan entrepreneur Alejandro Betancur, has agreed to a long-term development plan for 17 oil fields and announced its readiness to invest up to $100 billion in infrastructure.

Chevron’s CFO, Aymar Bonner, discussed the company’s plans in an interview with Fortune. According to her, the company’s interest stems from the large oil reserves, low operating costs, and competitive profitability of Venezuelan projects. New contract terms and additional blocks in the Orinoco Belt have changed the country’s position in Chevron’s investment portfolio.

Chevron’s Five-Year Plan

The company estimates the total investment at approximately $7 billion. These funds are expected to unlock about 9 billion barrels of commercial reserves and double production. In early September, Chevron had already reported that updated fiscal, commercial, and legal terms, as well as the expansion of its operational area in the Orinoco Belt, support an investment plan exceeding $7 billion.

In Venezuela, Chevron participates in three joint ventures: Petropiar and Petroindependencia operate in the Orinoco Belt, while Petroboscán operates in the state of Zulia. The company also noted that total costs could be less than $20 per barrel. According to Bonner, the new terms include the option to seek international arbitration in the event of disputes.

The NABEP Agreement and U.S. Participation

A separate agreement concerns NABEP. The company has been granted rights to develop 17 fields for a period of 100 years. Their combined reserves are estimated at approximately 65 billion barrels; however, this estimate, like other project metrics, is a stated projection.

According to the published terms, 35% of NABEP’s subsidiary will be owned by the Strategic Capital Management Office under the U.S. Department of Defense. Washington will also have the right to purchase 20% of production at cost. NABEP intends to increase production from the current level of approximately 200,000 barrels per day to more than 1 million barrels.

The company plans to invest up to $100 billion to boost production and modernize infrastructure. The White House stated that the agreement should increase the presence of Venezuelan oil on the global market. Donald Trump called the agreement the largest oil deal in history. The U.S. administration also expects that over the first 25 years, Venezuela will be able to receive approximately $200 billion in tax and royalty revenues.

New Competition for Venezuelan Projects

The expansion of NABEP’s plans creates additional competition for Chevron, which has long operated in the country and, according to published data, remains the largest producer among active companies. The agreement may also influence the decisions of other international investors assessing the prospects of the Venezuelan oil sector.

Reuters, citing industry sources, reported that an entity linked to the U.S. government gaining access to significant reserves could alter the landscape for potential market participants. ExxonMobil and ConocoPhillips are not currently producing oil in Venezuela, but, according to the report, are monitoring opportunities in the country. These companies have not announced any specific decisions regarding new investments.

The proposed projects align with the broader energy agendas of the United States and Venezuela. Their implementation will depend on compliance with contract terms, the ability to raise capital, and the companies’ capacity to restore and expand the country’s production infrastructure.