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 turmoil. That first-mover position now looks like a strategic advantage, as competitors remain on the sidelines and Chevron has already negotiated its way into a larger slice of the country’s best assets.

Other US firms start testing the water

Chevron is no longer the only American company making moves. In August 2026, Hunt Oil signed a production agreement with PDVSA, and oilfield services giant SLB secured a separate exploration and services pact. Both deals represent the first significant commercial agreements between US firms and PDVSA since Maduro’s departure.

Venezuela’s total oil output crossed 1 million barrels per day in 2026, recovering from weaker levels in 2025. About half of the country’s exports are heading to the US market.

Not every major player is convinced. ExxonMobil and ConocoPhillips are both sitting this out. Both companies had Venezuelan assets nationalized under Hugo Chávez, an experience that left lasting institutional skepticism.

What this means for energy markets and investors

Venezuela holds some of the largest proven oil reserves on the planet. Infrastructure across Venezuela’s oil sector remains degraded. Political frameworks are still in flux. Legal certainty for foreign investors, while improved from the Maduro era, is not something anyone would describe as airtight.

If Chevron hits its 375,000 barrels per day target and Hunt Oil’s production agreement translates into meaningful new output, Venezuelan crude supply to US Gulf Coast refiners could increase substantially over the next two to three years. Those refineries are specifically configured to process heavy sour crude, the type Venezuela produces in abundance.

For investors watching Chevron specifically, the asset swap structure suggests Chevron negotiated from a position of strength: the company gave up offshore gas stakes in exchange for producing heavy oil assets in the Orinoco Belt.

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