Chevron Seeks to Bolster Venezuela Oil Operations Amid US Push

Chevron is in talks to expand its operations in Venezuela, signaling a broader push by US interests to gain control of the country's oil industry. The Houston-based company is negotiating to add two new oil fields to its existing operations, according to people familiar with the matter.

The move comes as the Trump administration negotiates with Venezuelan leaders about taking a significant stake in the nation's oil fields, which are among the largest in the world. Leases lasting up to 100 years on several oilfields are being discussed, according to sources.

Chevron already has joint ventures with Venezuela's state oil company and accounts for around a fifth of the country's oil production. However, producers will have to contend with degraded infrastructure, unreliable electricity, and legacy environmental liabilities in order to restore production to pre-crisis levels of 3 million barrels per day.

Venezuelan figures, including Harvard University professor Ricardo Hausmann, are questioning the constitutionality of a foreign power taking control of the nation's reserves. The Wall Street Journal reported earlier that Chevron was in talks to expand in Venezuela, and other companies were nearing deals to invest in the country.