Chevron and Shell are close to finalising major oil and gas agreements with Venezuela, marking a significant step in reviving the country’s struggling energy sector.
These would be the first major production deals since recent political changes in Venezuela and follow a new hydrocarbons law designed to attract foreign investment. The reform gives international companies greater operational control, including the ability to export and sell crude oil, while still partnering with the state firm PDVSA.
Chevron is focusing on expanding its activities in the Orinoco Belt, particularly in the Ayacucho 8, which could significantly boost its output of heavy crude. Meanwhile, Shell is targeting both oil and gas opportunities, including fields such as Carito and Pirital in eastern Venezuela, known for lighter crude and natural gas.
The agreements could form part of a broader effort—reportedly worth up to $100 billion—to rebuild Venezuela’s oil industry after years of underinvestment and mismanagement.
Overall, the deals signal renewed international interest in Venezuela’s vast energy reserves, with foreign firms playing a key role in increasing production and modernising infrastructure under the new legal framework.
