Chevron Finalizes Deal for Venezuela Oil Fields Amid Trump-Backed Investment Push

Chevron is finalizing a deal to add two giant oil fields in Venezuela's Carabobo region, significantly expanding its operations there. The agreement could substantially boost production potential beyond PetroIndependencia's estimated 400,000 barrels a day and strengthens Chevron's position in Venezuela.

The Texas oil company has negotiated operating rights to the fields in the Carabobo region that hold billions of barrels of heavy oil reserves. Chevron's deal is expected to be the largest of several agreements announced in the coming days as President Donald Trump encourages more U.S. investment in Venezuela's oil industry.

Chevron's expansion signals how the company is capitalizing on the Trump administration's push to revive Venezuela's oil sector. Carabobo is one of the most promising and prolific areas of the vast Orinoco heavy oil belt, and the new acreage solidifies Chevron's role as the leading oil major in Venezuela.

PDVSA had previously estimated Chevron's PetroIndependencia area could produce around 400,000 barrels a day when developed. The new fields would increase the potential significantly, especially if Chevron invests in fresh equipment and new technology.