TLDR
- Chevron is close to finalizing deals to expand its Venezuela oil operations, potentially adding two new heavy-oil fields to its portfolio
- The deal is expected to be announced Wednesday in Caracas, with Energy Secretary Chris Wright set to travel to Venezuela
- Halliburton is also in talks to bring oilfield services equipment to Venezuela
- Chevron currently runs three joint ventures with PDVSA and is the only major U.S. oil company active in Venezuela
- CVX stock was up 1.05% on the news; ExxonMobil and ConocoPhillips are staying on the sidelines for now
Chevron is close to a deal that would expand its footprint in Venezuela, potentially adding two heavy-oil fields to its existing three joint ventures with state-run PDVSA. CVX stock rose 1.05% on the news.
The agreement is expected to be announced Wednesday in Caracas, where executives from several U.S. oil and gas companies are set to sign production deals. Energy Secretary Chris Wright is also expected to make the trip.
The deal would migrate Chevron’s existing joint ventures into Venezuela’s new energy framework, giving the U.S. major more control over operations. It also includes a previously agreed asset swap allowing Chevron’s Petropiar heavy crude project to expand into the neighboring Ayacucho 8 block.
BREAKING: Chevron, $CVX, Haliburton, $HAL, and other major US oil companies are nearing deals to invest “billions of dollars” in Venezuela’s oil fields, per WSJ.
This comes amid reports that the US is negotiating a deal to take a large stake in Venezuelan oil fields.
— The Kobeissi Letter (@KobeissiLetter) August 28, 2026
A second area in the Orinoco Belt is also part of the negotiations, along with a potential new oil area that could be added to Chevron’s portfolio, according to sources. Chevron declined to comment.
Halliburton, one of the largest U.S. oilfield services firms, is also in active talks to bring its equipment and services to Venezuelan oil producers.
What’s Driving the Push
Since the ouster of Nicolas Maduro in January, President Trump has pushed U.S. energy companies to invest in Venezuela to shore up Western Hemisphere oil output and secure more heavy crude for American refineries.
Venezuela holds some of the world’s largest proven crude oil reserves, accounting for roughly 17% of the global total. The country is currently pumping about 1.1 million barrels per day, roughly flat with last year.
Chevron has been the only big U.S. oil company operating in Venezuela, doing so under a special U.S. government license. That history gives it an edge over rivals still weighing whether to enter the market.
Rivals Stay on the Sidelines
ExxonMobil and ConocoPhillips are not participating for now. Both companies had their Venezuelan assets nationalized by Hugo Chavez in 2007 and are still seeking billions in restitution nearly two decades later.
Many fields Venezuela is offering are greenfields, lacking basic infrastructure or electricity. Turning them into producing assets would require billions in upfront investment.
Hunt Oil became the first U.S. company to sign a deal to pump Venezuelan oil earlier this month, ahead of the broader wave of agreements now taking shape.
The talks among companies are separate from advanced discussions between the Trump administration and Venezuela over the U.S. taking a direct stake in 17 of the country’s most promising fields, which hold around 90 billion barrels of proven reserves.
At the end of Q2 2026, Chevron was the energy stock with the most hedge fund holders in the Insider Monkey database, with 101 funds holding a combined stake of around $23.2 billion.
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