Chevron Corp. is negotiating to add two new oil fields to its Venezuelan operations as the Trump administration expands its influence over the nation’s energy sector following the January 2026 capture of Nicolás Maduro, according to reports.
The ongoing discussions mark a significant evolution in Washington’s strategy for Latin America’s largest crude reserves. Months after U.S. forces seized former Venezuelan President Nicolás Maduro in a special operation on January 3, 2026, the executive branch has shifted from military enforcement to securing long-term economic control, as detailed in reports from Brookings. While interim President Delcy Rodríguez remains in office, U.S. energy companies are positioning themselves to rebuild a severely degraded petroleum infrastructure.
Chevron Expands Footprint Amid Broader U.S. Energy Push
Houston-based Chevron is currently negotiating to add two new oil fields to its existing operations in Venezuela. The company already accounts for roughly a fifth of Venezuela’s oil production and stands as the sole U.S. oil major active in the country.
Chevron’s historical presence in the country dates back decades. The corporation maintained its operations after the Venezuelan government expropriated assets belonging to ExxonMobil Holdings Corp. and ConocoPhillips in 2007. Today, Chevron operates through joint ventures with Venezuela’s state-owned oil company, PDVSA, under specific U.S. authorizations.
Washington Exercises Control Over Export Deals and Blockaded Crude
The expansion talks follow a high-stakes agreement brokered by Washington to redirect Venezuelan oil away from China. President Donald Trump announced that Caracas and Washington reached a deal to export up to $2 billion worth of Venezuelan crude to the United States, as reported by Reuters.
Under the terms of the arrangement, Venezuela will turn over between 30 and 50 million barrels of sanctioned oil.
“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!”
President Donald Trump, via Reuters
U.S. Energy Secretary Chris Wright was placed in charge of executing the deal, which directs trapped crude straight to American ports. U.S. Interior Secretary Doug Burgum noted that an increased flow of Venezuelan heavy oil to the U.S. Gulf represents great news
for domestic job security and future gasoline prices.
Long-Term Leases and Infrastructure Reconstruction Challenges
Beyond immediate crude exports, U.S. officials and Venezuelan leaders are discussing unprecedented long-term arrangements. The two sides have discussed leases lasting as long as 100 years on several Venezuelan oil fields. Other energy sector players are also moving in; Halliburton is reportedly exploring equipment-related opportunities, while SLB and Hunt Oil Co. signed new contracts with the Rodríguez administration.
Despite these plans, independent analysts caution that restoring production will be a formidable task. Venezuela’s economy contracted roughly 80 percent over the past decade, leaving behind degraded infrastructure, unreliable electricity, and legacy environmental liabilities. Industry experts estimate it could take more than a decade to restore output to the roughly 3 million barrels per day pumped before the sector’s collapse.
Legal hurdles, Outstanding Claims, and Constitutional Questions
The aggressive U.S. push into Venezuela’s oil fields faces complex legal and political friction. Legal scholars analyzing the military intervention note that while modern executives exercise broad authority over military force, extended campaigns could still trigger time limits under the 1973 War Powers Resolution or face statutory challenges in Congress, according to Brookings.
Financial liabilities also loom large over foreign investors. Meanwhile, domestic opposition has emerged; prominent figures such as Harvard University professor and former Venezuelan minister Ricardo Hausmann have publicly questioned the constitutionality of a foreign power taking control of national reserves.
Strategic Pressures and Global Energy Market Shifts
Securing access to Venezuelan reserves offers vital strategic leverage for Washington amid intense global market volatility. Instability driven by the war in Iran and efforts to choke commercial shipping through the Strait of Hormuz has heightened supply concerns. Furthermore, the United States continues efforts to refill its Strategic Petroleum Reserve, which stands at roughly 41 percent of capacity—its lowest level in over four decades.
With production already ticking upward by nearly 300,000 barrels a day since Maduro’s ouster, the success of the current administration’s energy strategy depends entirely on whether Chevron and incoming contractors can navigate decades of institutional decay without igniting broader regional resistance.
