Chevron and Shell are finalizing major oil production expansions in Venezuela—the first since the US captured President Nicolás Maduro in January 2026—advancing President Trump’s $100 billion plan to revive the industry’s output from years of mismanagement.
Chevron Targets Orinoco Belt Growth
Chevron agreed preliminary terms to extend its Petropiar project (currently ~90,000 bpd upgraded crude) into the Ayacucho 8 block, potentially making it Venezuela’s top private Orinoco producer holding 75% of reserves; incentives include reduced royalties. This marks Chevron’s fifth site, leveraging well-cluster tech for quick ramp-up in extra-heavy oil.
Shell Eyes Light Crude and Gas Revival
Shell inked intent agreements last week for Carito and Pirital fields in prized Monagas North (light/medium crude, gas for blending), partnering with Vepica, KBR, and Baker Hughes on onshore/offshore projects. Deals follow January’s oil law reform granting foreign firms export autonomy despite PDVSA minority stakes.
Boost for Venezuela’s 1.05M bpd Output
Amid 1.05 million bpd national production, these pacts signal investor return post-nationalizations, with Chevron possibly ceding Deltana gas blocks for re-bidding.
