What specific oil fields is Venezuela awarding to Chevron, and when is the announcement expected?

Venezuela’s government in Caracas is set to award Chevron Corp. two additional oil fields in Western Venezuela as soon as Monday, according to people familiar with the matter who spoke to Reuters and Bloomberg; the official announcement has not yet been made, and sources requested anonymity ahead of it.

How does Chevron’s current presence in Venezuela compare to other major international oil companies, and what role do US sanctions waivers play in its operations?

Chevron holds four ventures in Venezuela—two in the Orinoco Belt and two in Zulia—and accounts for nearly 25% of the country’s ~1 million barrels per day output; unlike ExxonMobil and ConocoPhillips, which were pushed out after asset expropriation, Chevron has maintained operations thanks to repeated US Treasury waivers allowing it to continue drilling despite sanctions imposed eight years ago.

Venezuela Set to Award Oil Fields to Chevron to Help Grow Output

Apr 13, 2026

Venezuela intends to grant Chevron two new oil fields to expand output after US sanctions were lifted, capitalizing on Middle East tensions to revive its energy sector.

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Venezuela Set to Award Oil Fields to Chevron to Help Grow Output