Chevron and US firms near deal to invest billions in Venezuelan oil fields

Venezuela is back on the map for American oil companies. Chevron and a group of US firms are close to finalizing agreements that would funnel billions into Venezuelan oil fields. The backdrop: Nicolás Maduro’s removal from power in January 2026 cracked open a door that had been rusting shut for years. Chevron walked through it first. Chevron doubles down on its Venezuelan bet In April 2026, Chevron executed an asset swap with PDVSA, Venezuela’s state oil company, that raised its stake in the Petroindependencia joint venture from 35.79% to 49%. The deal also handed Chevron development rights to the Ayacucho 8 block, in exchange for relinquishing interests in offshore gas assets. Ayacucho 8 sits in the Orinoco Belt, Venezuela’s most productive heavy crude region. The company’s Venezuelan joint ventures are currently producing around 260,000 barrels per day, almost entirely heavy crude that flows to refineries along the US Gulf Coast. The target is to push that figure to as high as 375,000 barrels per day, a roughly 50% increase from today’s output. Chevron has been the only major US oil company to maintain a serious operational presence in Venezuela through the years of political tur...