Chevron’s Planned Expansion in Venezuela Amid a U.S. Oil Deal

In April 2026 the Venezuelan government signed an agreement allowing Chevron to add two heavy-oil fields in the Orinoco Belt to its joint ventures with Petróleos de Venezuela S.A. (PDVSA). The deal was formalised on April 13, 2026 at Miraflores Palace in Caracas and is presented as part of a broader U.S. arrangement that gives the United States a majority stake in more than 65 billion barrels of Venezuela’s proven reserves.

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The administration partnered with North American Blue Energy Partners (NABEP), owned by Venezuelan businessman Alejandro Betancourt, to create a new company holding 100-year rights over 17 oil fields. The Pentagon will receive a 35 % equity stake, while the State Department will have the right to purchase 20 % of the oil at cost. Chevron, the second-largest U.S. oil company, is the only major American producer still operating in Venezuela after the 2007 nationalization.

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• 17 fields contain an estimated 65 billion barrels of proven oil, roughly 20 % of Venezuela’s total reserves.

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• The partnership grants a 35 % Pentagon equity stake and a 20 % right of first purchase for the State Department.

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• Chevron’s existing PetroIndependencia joint venture with PDVSA is projected to produce about 400,000 bpd when fully developed.

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• Venezuela’s current output is about 1.1 million bpd, far below its potential.

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• The agreement would give the United States “effective output” of 55 % of the new private company, according to a U.S. official.

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• The deal is expected to generate roughly $209 billion in tax revenue for Venezuela, according to Acting President Delcy Rodríguez.

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U.S. Energy Secretary Chris Wright is scheduled to travel to Venezuela with Chevron executives to unveil the investment. Delcy Rodríguez described the arrangement as a step toward “economic recovery” that will modernise the oil sector and increase production.

US expands Venezuela oil push as Chevron prepares project expansion

Sources disagree on Rodríguez’s authority to grant 100-year concessions; some say the Constitution bars such contracts without legislative approval. The precise financial terms of the U.S. stake remain undisclosed. While the administration claims the deal will eventually lower U.S. gasoline prices, experts stress any impact on retail fuel costs is unlikely in the near term because of Venezuela’s dilapidated infrastructure and the years required to bring the fields online.

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U.S. officials indicated talks with the Venezuelan government will resume in mid-September to finalize fiscal terms and the operational framework for the expanded fields. The Pentagon’s Office of Strategic Capital is expected to complete its equity allocation later this year, while the State Department will negotiate right-of-first-refusal provisions for the remaining 80 % of production. Chevron’s planned additions remain contingent on securing the billions of dollars needed to rehabilitate Venezuela’s aging oil infrastructure.

US expands Venezuela oil push as Chevron prepares project expansion