What specific oil fields is Chevron finalizing a deal to operate in Venezuela, and where are they located?

Chevron is finalizing a deal to operate two giant oil fields in Venezuela’s Orinoco Belt, specifically in the Carabobo region, which hold billions of barrels of heavy oil reserves and are located near the vast field already operated by its PetroIndependencia joint venture with state-owned Petróleos de Venezuela SA.

How does this deal fit into broader U.S. policy toward Venezuela’s oil sector under President Donald Trump?

The deal is part of a push by U.S. President Donald Trump to ramp up oil production in Venezuela and is expected to be the largest of several agreements announced in the coming days as Trump encourages more U.S. investment in the country’s oil industry; it is separate from negotiations for the U.S. Department of Defense to take a direct stake in Venezuelan oil fields through a partnership with Venezuelan businessman Alejandro Betancourt.

Chevron Nears Deal to Run Two Fields in Venezuela’s Orinoco Belt

Sep 1, 2026

Chevron Corp. is finalizing a deal to operate two giant oil fields in Venezuela's Orinoco Belt, adding billions of barrels of heavy oil reserves amid a US push to increase regional production.

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Chevron Nears Deal to Run Two Fields in Venezuela’s Orinoco Belt

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