Chevron Finalizes Deal to Add Two Orinoco Belt Oil Fields in Venezuela as National Assembly Backs Agreement

Chevron is finalizing a deal to significantly expand its operations in Venezuela by adding two giant oil fields in the Orinoco Belt, according to a U.S. official and Bloomberg reporting on September 1. The expansion is part of a broader push by the Trump administration to ramp up oil production in the South American country, and a U.S. official confirmed the agreement is linked to democracy conditions in Venezuela.

Venezuela's National Assembly moved quickly to endorse the deal, backing the oil agreement the same day it was announced. The assembly's approval signals political support within Venezuela for deepening the partnership with the American energy giant.

Chevron, which has operated in Venezuela under a special U.S. license that allowed it to continue producing and exporting oil despite broader sanctions, has been steadily expanding its Orinoco Belt footprint in 2026. In April, the company signed agreements increasing its stake in the Petroindependencia joint venture to 49%, up from 35.8%, and adding rights to develop the adjacent Ayacucho 8 area within the Petropiar joint venture. The newly announced deal builds on those moves, potentially making Chevron the operator of additional large heavy-oil blocks in cooperation with state oil company PDVSA.