Chevron and Shell Move Closer to New Oil Deals in Venezuela

OilPrice · Irina Slav · last updated March 10, 2026 – 11:24 PM

Chevron and Shell are reportedly close to sealing deals for oil production in Venezuela following the United States’ takeover of the country’s energy industry, Reuters wrote, citing unnamed sources. Both companies had already secured preliminary deals with the Venezuelan authorities. Per the sources, Chevron is in talks to expand production at its Petropiar joint venture operation with PDVSA, tapping an adjacent deposit to the one currently under exploitation. The supermajor is currently seeking to negotiate lower royalty rates for…

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