Chevron is poised to significantly expand its oil operations in Venezuela through an agreement to acquire two new oil fields. This move, reported by Bloomberg on April 13, 2026, involves an asset swap with Venezuela's state oil company PDVSA, where Chevron will focus on heavy oil projects. The deal is expected to substantially increase Chevron's oil production in the country.
This expansion follows earlier reports in March 2026 that Chevron and Shell were close to securing major oil production deals in Venezuela. In January 2026, an analyst at TD Cowen, Jason Gabelman, estimated that Chevron could boost its cash flow by $400 million to $700 million annually by increasing Venezuelan oil production, representing 1% to 2% of the company's cash flow from operations. Chevron is the only US oil major currently operating in Venezuela, giving it a unique opportunity to increase output.
As part of the asset swap, Chevron's Venezuelan subsidiaries will return dormant and residual assets. This includes relinquishing two offshore gas blocks in the Plataforma Deltana Project and their stake in the Petroindependiente joint venture. In return, Chevron will expand its Petropiar venture into the Ayacucho 8 block. Chevron had previously estimated in January 2026 that it could increase oil production in Venezuela by approximately 50% within two years with its current infrastructure. Its joint ventures with PDVSA currently produce around 260,000 barrels of crude oil per day, accounting for almost a quarter of Venezuela's total production.
