Chevron Closes In on Venezuela Oil Deal Amid US Government Push

Chevron is close to finalizing a deal that would significantly expand its presence in Venezuela's oil patch, according to reports. The company currently operates three joint ventures with state-owned PdVSA and remains the only major American producer active in the country.

The prospective agreement would mark a significant expansion of Chevron's Venezuelan operations, positioning it to acquire interests in two additional heavy-oil fields. This comes ahead of an expected signing ceremony in Caracas next week involving executives from several oil-and-gas companies.

Halliburton is separately in talks to bring its equipment to oil producers in Venezuela and could potentially partner with Chevron on the new fields.