Several international energy companies, including Eni and Chevron, have committed to expanding their projects in Venezuela to increase oil production.
- Chevron plans to invest more than USD7bn over the next five years to more than double its oil output in the country to approximately 600 kb/d, as part of its strategy to expand its joint ventures with PDVSA (Chevron press release, 02/09/2026). In addition, Chevron, through its local joint venture Petroindependencia, has been granted development rights for the adjacent Carabobo-1 and Carabobo-2-South-A areas in Venezuela’s Orinoco Belt. “The greenfield sites expand the joint venture’s existing operational footprint where it is increasing extra-heavy oil production”, said the US company.
- Eni, which operates an offshore gas project jointly with Repsol (Cardón IV 50:50 joint venture) and a shallow-water oil project with PDVSA (PetroSucre, PDVSA 74%, Eni 26%), will also expand its activities into the large Junin 5 heavy oil area in the Orinoco Belt (Eni press release, 02/08/2026). Under the agreement, Eni’s existing joint venture with PDVSA (Petrojunin, PDVSA 60%, Eni 40%) will be converted into a 25-year production-sharing contract (Contrato de Participación Productiva de Hidrocarburos, CPPH), the company said. Junin 5 contains 35 Gbl of certified oil in place and currently produces approximately 12 kb/d, according to Eni’s release.
These initiatives come a few days after an agreement was signed between the two countries granting the US access to 17 oilfields and around 65 Gbl of oil from Venezuela’s reserves (01/08/2026).
The agreements were signed during the visit to Venezuela by the US Secretary of Energy, as the US seeks to revive the Venezuelan oil industry. Reviving the sector will take time, as the country’s infrastructure has been affected by years of underinvestment.