CVX · News · 20260828N

Venezuela Investment Conditions

CHEVRON CORP · 2026-08-28 · Importance 43 · Surprise 42

Chevron is reportedly nearing an agreement to add two heavy-oil fields to its Venezuelan portfolio and migrate its existing joint ventures into Venezuela’s new energy framework. The framework would give Chevron greater operational control and support key oil-field expansions, with Halliburton also discussing investments in the country. Chevron is currently the only U.S. oil major active in Venezuela and accounts for about one-fifth of its oil production. Recovery potential is constrained by degraded infrastructure and environmental liabilities, which could delay production growth despite Venezuela’s large crude reserves.