Caracas (OrinocoTribune.com)—In the week ending Sunday, several oil corporations announced plans to increase production in Venezuela, projected significant returns, and expressed support for legislative changes they say make the country “more competitive.”ChevronUS oil corporation Chevron expects its gross production in Venezuela to reach about 300,000 barrels per day (bpd) by the end of 2026, a 20% increase over the previous 12 months, CEO Mike Wirth told the TASS news agency.One of the few oil corporations that remained in Venezuela during the most difficult period of the US illegal blockade, Chevron reiterated plans to invest US $7 billion over the next five years and released a statement indicating that it is considering extending its development program into the 2030s.Wirth said the company had operated in Venezuela for more than a century and attributed new opportunities to the tax regime. “Thanks to the new tax regime, Venezuela has become more competitive in our portfolio and immediately began generating positive free cash flow,” he said.Chevron also projects doubling production from its three joint ventures to approximately 600,000 bpd by 2031.The company estimates total costs below US $20 per barrel and says it can earn competitive returns without major infrastructure upgrades. At a hypothetical sale price of US $100 per barrel, the difference between that price and costs below US $20 would exceed $80 per barrel. Applied to gross production of 250,000 bpd, that would imply a theoretical price-cost spread of more than US $20 million per day.“Total costs are expected to be less than US $20 per barrel, with competitive profitability, and no major upgrades are required, since the infrastructure is in good condition. Chevron supplies 100% of the crude from three joint ventures to the market, much of which goes to refineries in the United States, increasing domestic supply,” Wirth added, according to the TASS report.Italy’s ENIItalian energy corporation ENI reported on Wednesday, October 28, that it had begun operations at the Junín 5 field in the Orinoco Oil Belt and expected production to reach 200,000 bpd by 2028.“Less than two months after signing the agreement, we have begun operations at the Junín 5 supergiant oil field in Venezuela. This project plays a key role in our strategy to expand our presence in the country,” the company said in a statement carried by TASS.ENI plans to raise production from the field’s current level of 12,000 bpd to 200,000 bpd. Its plans for 2028 include using existing infrastructure and investment while optimizing the agreement’s implementation timeline.The production participation agreement between Venezuelan state oil company Petróleos de Venezuela (PDVSA) and ENI runs for 25 years, with the possibility of extension. It gives ENI exclusive operating responsibility for the Junín 5 heavy crude field, according to the company.ENI is an integrated oil, gas, and energy company partly owned by the Italian state and partly by private investors. In Venezuela, it also participates in the Perla natural gas field, which supplies about 35% of the country’s domestic gas consumption.NABEPNorth American Blue Energy Partners (NABEP) announced its operational roadmap on Saturday, October 31, projecting nearly US $100 billion in investment to expand production and modernize oil and gas infrastructure. The company says it holds marketing rights to more than 65 billion barrels of P1 reserves and aims to raise production above one million barrels per day in the short term, according to its company press release published on its website.NABEP became the main corporate partner in the controversial oil agreement that President Donald Trump claimed was the “deal of the century.” The agreement covers 17 oil fields. Acting President Delcy Rodríguez described it as a 25-year project, while the White House announced 100-year-long concessions. Orinoco Tribune has covered Rodríguez’s account of the agreement, and the White House published its own description of the terms.To support its production targets, NABEP reported expanding its fleet of drilling rigs in the Orinoco Oil Belt. It had stated that it had nine rigs for new wells: three active in the Junín 10 block, three expected to start operating shortly in the same area, and three undergoing maintenance or repositioning. The company said four more rigs were en route from Houston, USA; Brazil; and Colombia.NABEP also reported having 20 workover rigs to reactivate inactive or underperforming wells: three in Lake Maracaibo, 12 in the Lagunillas and Bachaquero fields, and five in the Orinoco Belt. It said it would add 15 more rigs currently being refurbished in Houston for deployment in western Venezuela. The company said all 35 workover rigs were being recertified under Category 4, the industry’s most rigorous inspection standard.NABEP CEO Alejandro Betancourt said the rigs were being financed with oil production, following the reinvestment model the company says helped increase its production tenfold in two years.The company reported production of 223,509 barrels of oil equivalent per day (boed) as of October 19, up from about 200,000 in August and an initial 18,000, according to its release.NABEP says it employs 5,000 people directly and supports 10,000 indirect jobs through contractors in Venezuela. Its deployment follows an August 2026 agreement with the US Departments of State and War to expand production in Venezuela. The first shipment of one million barrels under the agreement arrived in Corpus Christi, Texas, on October 27.Venezuelan Gov’t Claims Full Control of Oil Revenues as NABEP Operations AdvanceA Reuters investigation published October 30 reported that NABEP’s expansion faces challenges involving access to capital, staffing, infrastructure repairs, and payments to contractors. Reuters said the company denied that it had any plans to seek outside funding and stated that it had invested about US $1 billion of its own capital since 2024. Special for Orinoco Tribune by staffOT/JRE/SL