What specific expansion is Chevron reportedly nearing in Venezuela, and what makes its current position there unique among US oil majors?

According to the Wall Street Journal report cited in the news body, Chevron is 'nearing a deal to potentially add two new heavy-oil fields to its operations in Venezuela.' The article explicitly states that Chevron 'already has joint ventures with Venezuela’s state oil company and is the only US oil major that’s active in the country.' This confirms both the nature of the proposed expansion—adding two heavy-oil fields—and Chevron’s singular status as the sole active U.S. oil major in Venezuela, distinguishing it from all other American energy companies currently operating elsewhere but not in Venezuela.

Which other U.S. energy company is mentioned as engaging with Venezuela’s oil sector, and what is the scope of its reported involvement?

The news body states that 'Halliburton is also in talks to bring equipment to oil producers in Venezuela,' as reported by the Wall Street Journal. This is the only detail provided about Halliburton’s involvement: it is engaged in discussions (not yet finalized agreements) focused specifically on supplying equipment to oil producers in the country. No further information is given regarding the type or scale of equipment, the timeline, counterparties beyond 'oil producers' (which may include, but is not limited to, Venezuela’s state oil company), or whether Halliburton would operate independently or in coordination with Chevron or others.

Chevron Nears Deal to Expand in Venezuela, WSJ Says

Aug 28, 2026

Chevron is nearing deals to invest billions in rebuilding Venezuela's oil fields, potentially adding two heavy-oil operations. Halliburton is also in talks to supply equipment to local producers.

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