Chevron and Eni Secure New Terms for Venezuela Oil Expansion

US supermajor Chevron and Italian integrated Eni have secured new terms for expanding their operations in Venezuela. The agreements were announced on Wednesday, September 2, 2026.

The expansion comes after a spate of hydrocarbon law reforms earlier this year, which has sparked international interest in the South American nation. Following the ouster of then-President Nicolas Maduro, Chevron and Eni have been granted new terms to expand their operations.

The details of the agreements are not specified in the source. However, it is clear that both companies see potential for growth in Venezuela and are taking steps to capitalize on it.