Chevron, Shell Nearing Landmark Venezuela Oil Deals Post-Maduro Capture
CCNBC TV18•11-03-2026, 07:35
Chevron, Shell Nearing Landmark Venezuela Oil Deals Post-Maduro Capture
- •Chevron and Shell are nearing major oil production deals in Venezuela, the first since the US captured President Nicolas Maduro.
- •These agreements follow a new Venezuelan oil law granting foreign companies more autonomy, even as minority partners with PDVSA.
- •Chevron plans to expand its Petropiar project to the Ayacucho 8 area, aiming to substantially increase extra-heavy oil production.
- •Shell signed preliminary agreements to develop Carito and Pirital fields in Monagas North, focusing on light/medium crude and natural gas.
- •The deals are seen as significant steps towards rebuilding Venezuela's oil industry, with US government oversight on sanctions compliance.
