Chevron has signed two key agreements to expand its operations in Venezuela’s Orinoco Belt, including an asset swap that adds an extra heavy crude area to its main project while returning an offshore gas field and a small crude area (Chevron press release, 13/04/2026).
Under the agreement, Chevron will receive an additional 13.2% working interest in the Petroindependencia joint venture, raising its total stake to 49%. In addition, the Petropiar joint venture, in which Chevron’s subsidiary holds a 30% interest, has been granted the rights to develop the adjacent Ayacucho 8 area located in the Orinoco Oil Belt of Venezuela.
- The Orinoco Belt holds significant reserves, including approximately 235 billion barrels (Gbl) of heavy crude, while its technically recoverable heavy oil resources are estimated at 513 Gbl (Enerdata Global Energy Research).
Venezuela will receive from Chevron subsidiaries their 60% operated interests in the offshore Plataforma Deltana Block 2 and their 100% interest in Block 3 gas licenses, respectively, as well as a 25% non-operated interest in the Petroindependiente joint venture located in western Venezuela.
Chevron executives said in January 2026 that the company could increase output in Venezuela by about 50% over the next two years within its current footprint. The company’s joint ventures with PDVSA are producing 260,000 bbl/d of crude, roughly one-fourth of the country’s total output (Reuters, 13/04/2026).
The announcement comes as Venezuela reforms its hydrocarbon sector to attract foreign investors and boost domestic output to exploit its vast resources. In February 2026, the country approved a reform of its Organic Law on Hydrocarbons, overhauling the oil sector to grant foreign companies greater control over their operations and introduce lower royalty rates (up to 30%). The new law formalizes an oil production-sharing model and permits private producers to operate projects under new oil contracts or in joint ventures, even as minority stakeholders, allowing them to commercialize production and manage cash flows independently of state-owned PDVSA. Meanwhile, the US administration has also worked to revive Venezuela’s energy sector, easing sanctions on the country’s oil industry as agreed in January 2026, with the goal of facilitating the sale of Venezuelan crude (KEI, 02/02/2026).