Venezuela spent the last six months recalibrating its hydrocarbons law to incentivize foreign capital. The revised framework allows companies to retain direct control over crude exports and proceeds, a sharp departure from the rigid state-controlled systems of previous decades. Chevron is negotiating a significant expansion in the Orinoco Belt and northern Monagas to secure essential diluents for its extra-heavy crude production. Meanwhile, India’s state producer ONGC aims to invest $200 million into the San Cristobal field, targeting a tenfold increase in output.
Chevron and ONGC Poised for Final Venezuela Energy Contracts
A coalition of international energy firms including Chevron, ONGC, and GE Vernova is finalizing agreements to revitalize Venezuela’s stagnant oil and power sectors. These deals signal a structural pivot for Caracas, moving away from state-dominated constraints toward a model that grants foreign operators unprecedented control over exports and revenue.
These upcoming signatures follow recent deals involving SLB and Hunt Oil, reflecting a broader effort by Caracas to attract investment after years of industry decay. While these agreements are distinct from the massive U.S.-Venezuela pact covering 17 oilfields and 64 billion barrels of reserves, they highlight a growing trend of foreign reentry. Although Chevron has maintained a consistent presence throughout the Maduro administration, other giants like ExxonMobil and ConocoPhillips remain on the sidelines, awaiting stronger legal protections and fiscal clarity before committing to a return.
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