The question now is how far that momentum can spread. Chevron’s agreements offer an early look at the terms available to major investors, while a growing pipeline of deals points to opportunities for operators, oilfield service companies, infrastructure providers and financiers. That wider investment cycle will be a key focus of Venezuela Energy Week 2027 in Caracas.

Under the new agreements, Chevron’s Petroindependencia joint venture with state oil company PDVSA has been assigned the Carabobo-1 and Carabobo-2-South-A areas in the Orinoco Belt. Chevron holds a 49% interest in Petroindependencia, expanding its position in one of Venezuela’s most important heavy-oil producing regions. The company expects total production costs of less than $20 per barrel.

The agreements also establish updated fiscal, commercial and legal terms for Chevron’s Venezuelan ventures under the hydrocarbons reform approved in January. For investors, the deal offers an early indication of how the new framework will work in practice and whether it can create the conditions needed to attract further capital into Venezuela’s oil sector.

Chevron CEO Mike Wirth traveled to Caracas for the signing, his first visit to Venezuela, alongside U.S. Energy Secretary Chris Wright. Wright oversaw multiple energy agreements that day and said Venezuela’s national oil production could reach 2 million bpd by the end of the decade, compared with roughly 1.25 million bpd currently. Chevron’s planned increase alone would account for a substantial share of that potential growth.

Chevron is not moving alone. Eni has signed an agreement covering the Junín 5 heavy-oil field, while GE Vernova and other companies are pursuing agreements spanning oilfield development and energy infrastructure. The activity points to a broader investment cycle in which production growth will require not only upstream capital, but also drilling, oilfield services, power, infrastructure, logistics and financing.

For companies positioning themselves for that cycle, the opportunity extends well beyond the major operators. Venezuela’s next stage of development will depend on the wider ecosystem needed to bring its resources into production – and on whether the commercial and legal terms now being put in place can attract capital at scale.

Those questions will be at the heart of Venezuela Energy Week 2027, taking place in Caracas from February 22-25, where the companies and investors shaping Venezuela’s next phase of energy development will meet to identify opportunities across the value chain. For a sector entering a new investment cycle, the decisions made now could shape who captures the opportunities ahead.

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.