People familiar with the talks say Chevron is finalizing a pact to grow its footprint in Venezuela by adding two large fields in the Orinoco Belt's Carabobo area, home to billions of barrels of heavy crude. The operating rights have been negotiated, but the agreement has not yet been announced, and the sources asked not to be identified because it remains private. Chevron, the only US oil major still active in the country, declined to comment.
The two fields are located near a broad tract already managed by PetroIndependencia, Chevron's joint venture with state-run Petróleos de Venezuela SA. That proximity could help the company leverage existing infrastructure and know-how as it scales up activity in the region.
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This expected announcement is poised to be the largest among several on deck as President Donald Trump pushes to lift Venezuela's oil output through greater US involvement. At the same time, Chevron is negotiating revised fiscal terms with acting President Delcy Rodríguez and her administration to enable fresh investment after US forces apprehended former leader Nicolás Maduro. Separately, talks are underway for the US government to acquire an ownership interest directly in oil fields via a tie-up involving the Department of Defense and Venezuelan businessman Alejandro Betancourt. If these pieces fall into place, production and cash flows tied to Venezuelan barrels could look very different from what you are used to seeing, with policy and contracts doing as much work as the geology.
