Chevron Nears Multibillion-Dollar Deal to Expand in Venezuela
If completed, the agreements would deepen a U.S.-led push to restore Venezuelan heavy-oil output while requiring major upfront fixes to power, transport, legal and contracting systems.
Overview
- Multiple outlets report Chevron is close to finalizing deals to acquire stakes in two additional heavy‑oil fields in Venezuela, but the agreements are not yet signed.
- Officials expect a formal announcement in Caracas with U.S. Energy Secretary Chris Wright scheduled to attend, though contract and legal terms remain to be settled.
- Halliburton is negotiating to supply equipment and services while other U.S. oil and service firms such as SLB and Hunt Oil have already struck technical or production pacts.
- Analysts warn the fields are underdeveloped and will need large investments to fix power shortages, transport bottlenecks and basic infrastructure before material production gains occur.
- ExxonMobil and ConocoPhillips remain on the sidelines because of past nationalizations and restitution disputes, leaving Chevron with a competitive edge through its existing PDVSA joint ventures and special U.S. license.