Chevron Leads US Firms Back into Venezuelan Oil Fields

Venezuela is once again an attractive destination for American oil companies, with Chevron leading the charge. The company has negotiated agreements that would funnel billions of dollars into Venezuelan oil fields, following Nicolás Maduro's removal from power in January 2026.

Chevron doubled down on its investment in Venezuela by executing an asset swap with PDVSA, Venezuela's state oil company, in April 2026. The deal raised Chevron's stake in the Petroindependencia joint venture to 49% and handed the company development rights to the Ayacucho 8 block in exchange for relinquishing interests in offshore gas assets.

Ayacucho 8 is located in the Orinoco Belt, Venezuela's most productive heavy crude region. Chevron aims to increase production from its Venezuelan joint ventures from 260,000 barrels per day to as high as 375,000 barrels per day within the next two to three years.

Other US firms are also testing the waters in Venezuela. Hunt Oil signed a production agreement with PDVSA in August 2026, and oilfield services giant SLB secured an exploration and services pact. However, ExxonMobil and ConocoPhillips remain on the sidelines, citing institutional skepticism after their Venezuelan assets were nationalized under Hugo Chávez.