Chevron, Halliburton near deals to invest billions in Venezuela’s oil fields

Chevron ↗ 2.88% and other U.S. energy companies are nearing deals to invest billions of dollars in Venezuela's oil fields, according to an exclusive report by The Wall Street Journal News Corp ↘ 0.53% published Friday, as the Trump administration simultaneously pursues a separate agreement to secure a direct U.S. ownership stake in the country's vast crude reserves.

Chevron Expands Its Venezuelan Footprint

Chevron is close to a deal that would add two new heavy-oil fields to its portfolio in Venezuela, on top of the three joint ventures it already operates with state oil company PdVSA, according to people familiar with the matter cited by the Journal. The company is the only major U.S. oil firm active in the country. Halliburton ↗ 5.21%, one of the largest U.S. oilfield services firms, is separately in talks to bring its equipment to oil producers in Venezuela.investing+1

Chevron's shares rose following the report, while Halliburton gained nearly 2%. Chevron's Venezuelan joint ventures currently produce around 260,000 barrels per day, with a target to reach as high as 375,000 barrels per day — a roughly 50% increase. In April 2026, Chevron raised its stake in the Petroindependencia joint venture to 49% and acquired development rights to the Ayacucho 8 block in the Orinoco Belt.cryptobriefing+2

Trump Administration Seeks Direct U.S. Stake

In a parallel development, Axios reported Thursday that the Trump administration is negotiating with Venezuela's interim government for a U.S. ownership stake in more than a dozen producing oil fields containing roughly 90 billion barrels of proven reserves — about a third of Venezuela's total. Secretary of State Marco Rubio and Venezuela's acting president Delcy Rodriguez are leading the negotiations.news.rthk+1

"Calling this deal huge would be an understatement. It is massive," one U.S. official told Axios. The deal would more than double U.S. oil reserves at a time when the strategic petroleum reserve sits at a 40-year low.firstpost+1

A Post-Maduro Opening

The moves follow the removal of Nicolás Maduro from power in January 2026, which opened Venezuela to foreign investment after years of isolation. Hunt Oil and SLB ↗ 7.08% have also signed agreements with PdVSA in recent months, while ExxonMobil Exxon Mobil Corporation ↗ 2.79% and ConocoPhillips ↗ 3.55% remain on the sidelines after having assets nationalized under Hugo Chávez.cryptobriefing+1

Venezuela's total oil output crossed 1 million barrels per day in 2026, and Bloomberg reported Thursday that the country is closely examining plans to leave OPEC. Infrastructure across Venezuela's oil sector remains degraded, and legal certainty for foreign investors, while improved, is far from assured.247wallst+1