Chevron is close to adding two heavy-oil fields to its Venezuelan portfolio, and Halliburton is in talks to bring its equipment suite into the country, both deals set to be signed in Caracas as early as next week, according to people familiar with the matter. It is the most significant expansion of U.S. corporate energy presence in Venezuela in nearly two decades.
The deals land against a backdrop that would have seemed improbable a year ago. President Trump has pushed since early 2026 to get American oil companies back into the Venezuelan market, where production has stalled at roughly 1.1 million barrels a day, barely above pre-pandemic levels. Chevron is already the only major U.S. company active in the country, operating three joint ventures with state-run PdVSA. The new fields, many of them greenfield projects lacking basic infrastructure, would require billions in capital to bring online.
The timing is deliberate. With the U.S. and Venezuela in separate advanced talks over the fate of 17 fields holding some 90 billion barrels of proven reserves, a corporate signing would give the administration a concrete win without committing to a direct government stake. Energy Secretary Chris Wright is also expected to travel to Caracas at the same time, a rare public signal that the White House considers the energy track on Venezuela moving from negotiation to execution.
ExxonMobil and ConocoPhillips are expected to stay on the sidelines for now. Both companies had their assets nationalized by Hugo Chavez in 2007 and are still pursuing billions in restitution. The question now is whether the commercial momentum can outpace the unresolved legal disputes, or whether those disputes will be the next flashpoint.