International energy giants Chevron and Shell are nearing the signing of their first major oil production contracts in Venezuela since the US took control of the government in January 2026. These agreements will be part of the Donald Trump administration's strategy to revive Venezuela's oil industry, which has an estimated investment potential of $100 billion. This was reported by Reuters, writes UNN.
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Chevron has agreed to preliminary terms for expanding its largest project, Petropiar, in the Orinoco Belt, gaining rights to develop a new Ayacucho 8 block.
This will allow the American giant to significantly increase its production of extra-heavy crude oil and solidify its status as the largest private producer in the region. Meanwhile, British Shell has signed agreements to develop the Carito and Piritals fields in the east of the country, which are valuable sources of light crude oil and natural gas, essential for blending export fuel grades.
Industry review and sanctions compliance check
Currently, the Venezuelan government is completing a large-scale review of all existing oil and gas contracts, which is expected to conclude by the end of March. The authorities warn that projects that have not met investment targets or remained inactive may be terminated.
In parallel, the US administration is conducting a thorough review of all potential partners for compliance with sanctions requirements before granting permission to expand operations in the South American country.