Chevron and a group of US firms are close to finalizing agreements that would funnel billions into Venezuelan oil fields following the removal of Nicolás Maduro in January 2026. In April 2026, Chevron raised its stake in the Petroindependencia joint venture from 35.79% to 49% through an asset swap with PDVSA, while acquiring development rights to the Ayacucho 8 block in the Orinoco Belt. The company’s Venezuelan joint ventures currently produce around 260,000 barrels per day, with a target of 375,000 barrels per day. Hunt Oil and SLB also signed agreements with PDVSA in August 2026, representing the first significant commercial agreements between US firms and the Venezuelan state oil company since Maduro’s departure. Venezuela’s total oil output crossed 1 million barrels per day in 2026, with roughly half of exports heading to the US market.
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