Chevron Expands Venezuelan Footprint Amid New Oil Framework

Chevron is moving its Venezuelan oil joint ventures to the country's new hydrocarbons legal framework, according to Reuters. This move will include an already announced asset swap that allows the expansion of Chevron's Petropiar project in the Orinoco Belt.

The new legal framework was introduced by Venezuela in January 2026 as part of a political transition following the capture of the outgoing president by American forces. The reform redefines the conditions under which foreign companies can operate alongside PDVSA, with a new fiscal model and a deadline for all existing contracts to be adapted.

Chevron, the only major American oil company to have remained active in Venezuela despite years of sanctions, is directly affected by this shift. The company had already negotiated an asset swap with PDVSA consolidating its position in two of its main extra-heavy crude joint ventures in the Orinoco Belt.