Chevron expands Venezuela footprint with Orinoco deals

Published: 2026-04-15 20:46:08 ET CVX

Published on 04/15/2026 at 08:46 pm EDT

Chevron Corp. has struck two agreements with Venezuela’s interim government that will allow the US oil major to consolidate and expand its position in the country’s extra-heavy crude sector, reinforcing its dominance in the Orinoco Oil Belt, El País reported.

The deals, signed on April 13 at Miraflores Palace with the administration of Delcy Rodríguez, include an increase in Chevron’s stake in the Petroindependencia joint venture with state-owned Petróleos de Venezuela SA to 49% from 35.8%. The company will also gain development rights over the Ayacucho 8 block, extending the reach of its flagship Petropiar project.

The moves strengthen Chevron’s role as the largest private producer in the Orinoco region, a vast area holding more than 80% of Venezuela’s reserves of heavy and extra-heavy crude. The agreements come amid a broader opening to foreign investment following the January military operation that led to Nicolás Maduro’s removal and the installation of a government led by Rodríguez.

Since then, authorities have moved quickly to reshape the legal framework for the energy sector. A reform to the Hydrocarbons Law approved in January eased participation rules for private firms, aligning with efforts by US President Donald Trump to advance a $100bn plan aimed at rebuilding Venezuela’s oil industry.

Under the latest agreements, Chevron will transfer certain dormant holdings, including offshore gas blocks linked to the Deltana Platform Project and its stake in the Petroindependiente venture, in exchange for expanding Petropiar into Ayacucho 8.

The company estimates it could raise Venezuelan output by about 50% within two years using existing infrastructure. Its joint ventures with PDVSA currently produce around 260,000 barrels per day, roughly a quarter of the country’s total.