Chevron is reportedly nearing an agreement to acquire stakes in two Venezuelan heavy-oil fields, marking a significant potential expansion for the U.S. oil major in the South American nation. The deal could involve billions of dollars in investment, according to people familiar with the matter.
While the specifics of the potential agreement are not yet public, Chevron's move signals a growing interest from U.S. energy companies in Venezuela's vast oil reserves. The potential investment comes as U.S. sanctions on Venezuela's oil sector have seen some easing, allowing for renewed exploration and production activities.
In addition to Chevron, oilfield services company Halliburton is also in discussions regarding potential investments in Venezuelan oil operations. These talks suggest a broader trend of U.S. firms reconsidering their engagement with Venezuela's energy sector, which was once a major source of crude oil for the United States before geopolitical tensions and sanctions curtailed operations.