Story perspectives

Chevron nears Orinoco deal, boosting output past 400,000 bpd

9/2/2026

Summary

Story summary

Chevron Corp. nears finalizing a deal to add two fields in the Orinoco.
The deal could raise Chevron’s output with PDVSA above 400,000 barrels per day.
The agreement gives Pentagon a 35% stake and State Department a 20% oil right.
President Donald Trump announced U.S. majority control of over 65 billion barrels of Venezuela’s reserves.
Legal analysts say the agreement may breach Venezuela’s constitution because National Assembly approval is missing.

History

Historical Context

In 2019, President Donald Trump issued Executive Order 13886, freezing PDVSA assets and banning U.S. companies from Venezuelan oil transactions. The order forced Chevron, ExxonMobil, and ConocoPhillips to suspend $5 billion in planned investments, while the Treasury listed 35 percent of PDVSA’s reserves as blocked. Today's proposed Chevron-PDVSA pact, giving Pentagon a 35 percent stake and State Department a 20 percent oil right, echoes 2019 sanctions by reasserting control over Venezuelan reserves. If ratified, the deal could cement a precedent where U.S. strategic interests dictate foreign oil policy, potentially reshaping regional energy markets for decades.

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Story summary

Chevron Corp. nears finalizing a deal to add two fields in the Orinoco.
The deal could raise Chevron’s output with PDVSA above 400,000 barrels per day.
The agreement gives Pentagon a 35% stake and State Department a 20% oil right.
President Donald Trump announced U.S. majority control of over 65 billion barrels of Venezuela’s reserves.
Legal analysts say the agreement may breach Venezuela’s constitution because National Assembly approval is missing.

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