Chevron and a group of US oil firms are close to finalizing deals worth billions of dollars to invest in Venezuelan oil fields, following Nicolás Maduro's removal from power in January 2026. Chevron has already expanded its stake in the Petroindependencia joint venture, while Hunt Oil and SLB have signed the first new agreements with Venezuela's state oil company since the political shift. ExxonMobil and ConocoPhillips remain on the sidelines.
Chevron and a group of US oil firms are close to finalizing agreements that would funnel billions of dollars into Venezuelan oil fields. Nicolás Maduro's removal from power in January 2026 cracked open a door that had been shut for years, and Chevron walked through it first.
Chevron doubles down in the Orinoco Belt
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 the Orinoco Belt, in exchange for relinquishing interests in offshore gas assets.
Chevron's Venezuelan joint ventures currently produce around 260,000 barrels per day, almost entirely heavy crude that flows to refineries along the US Gulf Coast. The company is targeting as much 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 years of political turmoil.
Hunt Oil and SLB follow Chevron's lead
Other American companies are now testing the water. In August 2026, Hunt Oil signed a production agreement with PDVSA, and oilfield services company SLB secured a separate exploration and services pact — the first significant commercial agreements between US firms and PDVSA since Maduro's departure.
Not every major player is convinced, though. ExxonMobil and ConocoPhillips are both sitting this out, after Venezuela nationalized both companies' assets under Hugo Chávez.
Washington also eyes Venezuelan crude
The interest extends beyond individual companies. Trump administration officials are working on a deal to secure long-term access to a portion of Venezuela's crude reserves, sources with knowledge of the negotiations said, a move that could ultimately lower the cost of oil imports. Separately, Venezuela is considering leaving the OPEC oil production group, Bloomberg reported.
Venezuela holds some of the largest proven crude oil reserves on the planet, though infrastructure across its energy sector remains degraded and political frameworks are still in flux. Venezuela's total oil output crossed 1 million barrels per day in 2026, recovering from weaker levels in 2025, with about half of the country's exports now heading to the US market.
If Chevron hits its 375,000-barrel-per-day target and Hunt Oil's agreement translates into meaningful new output, Venezuelan crude supply to Gulf Coast refiners could increase substantially over the next two to three years — those refineries are specifically configured to process the heavy sour crude Venezuela produces in abundance.
Sources: Crypto Briefing, Investing.com
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