The agreements come as Venezuela accelerates efforts to revive an oil industry battered by years of underinvestment, sanctions and operational decline. They also arrive alongside a far larger U.S.-Venezuela agreement announced in late August covering 17 oilfields, underscoring the scale of the international push now underway in the country’s energy sector. For investors watching the reopening, the agreements signed over the past week offer a particularly useful window into where capital could flow next.

Chevron Expands Its Orinoco Position

Chevron’s agreements are among the most significant. On September 2, the U.S. major signed agreements recognizing the conversion of its Petroboscán, Petropiar and Petroindependencia joint ventures into the new hydrocarbons framework, while also securing new development rights in the Orinoco Belt. Chevron plans to invest more than $7 billion over the next five years to increase Venezuelan production to about 600,000 barrels per day by 2031, including through development of the Carabobo 1 and Carabobo-2-South-A areas through Petroindependencia.

The expansion builds on Chevron’s existing position in the Orinoco and gives the company a central role in the next phase of Venezuela’s heavy-oil development. Chevron said on September 8 that it also plans to more than double the number of rigs it operates in the country as part of its five-year growth strategy.

GeoPark Tests the Newcomer Opportunity

GeoPark’s entry now provides a concrete example of the newcomer opportunity. On September 4, GeoPark and Grupo Gilinski finalized a 25-year Production Participation Contract with PDVSA for the Bare heavy-oil block in the Orinoco Belt. GeoPark will operate the block and fund 100% of capital expenditures under approved work programs, with the company holding a 65% net working interest under the CPP structure.

Bare is a large-scale brownfield redevelopment opportunity with existing production and infrastructure, giving GeoPark a platform to enter Venezuela while targeting long-term production and recovery growth. The agreement is an early test of whether the revised framework can attract fresh international operators alongside companies already established in the country.

Eni Builds Across Oil and Gas

Eni brings a broader existing presence. The Italian major operates the Perla gas field offshore Venezuela with Spain’s Repsol and has interests in the Corocoro offshore oilfield and Junin-5 in the Orinoco. In April, Eni signed an agreement with Venezuela to relaunch Junin-5, a heavy-oil project containing around 35 billion barrels of certified oil in place.

That preliminary agreement has now moved into a definitive contract. On September 2, Eni and PDVSA signed a 25-year production-sharing contract for Junín 5, with Eni becoming the exclusive operator and taking responsibility for the field’s technical, financial and commercial management.

Eni’s position illustrates how the reopening could create opportunities across both oil and gas rather than simply revive Venezuela’s existing crude production base. The company’s broader Venezuelan portfolio also includes the Perla gas project, highlighting the potential for investment to extend beyond oil production as the regulatory framework evolves.

Venezuela’s Reopening Enters a New Phase

The deals come as Venezuela’s oil industry shows signs of recovery. Venezuelan crude production is now running at around 1.25 million barrels per day, after years of decline linked to underinvestment, sanctions and operational deterioration.

The agreements signed since September 2 suggest the next phase will be defined not only by whether international companies enter Venezuela, but by how quickly they can translate new contractual rights into investment, infrastructure rehabilitation and additional production. Chevron’s expansion, GeoPark’s entry and Eni’s Junín 5 development represent different routes into that opportunity.

They will also be part of the commercial conversation at Venezuela Energy Week 2027, taking place February 22-25 in Caracas. The event will bring together government officials, international investors, oil majors, national oil companies, financiers and service providers as Venezuela’s reformed investment framework moves from policy into projects and partnerships.

Supporting Venezuela's Earthquake Recovery

Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela.