Finance
Chevron, Shell to Sign Agreements for Oil, Gas Areas in Venezuela, Sources Say
Published by Global Banking & Finance Review®
Posted on April 13, 2026
2 min readLast updated: April 13, 2026
Add as preferred source on GoogleQuick Summary
Chevron is poised to sign agreements to relinquish an offshore gas field in exchange for access to Venezuela’s Orinoco extra‑heavy crude region, while Shell is expected to assume operations of the Loran offshore gas field, marking renewed U.S. energy engagement in Venezuela.
Chevron, Shell to sign agreements for oil, gas areas in Venezuela, sources say
Major Oil and Gas Agreements in Venezuela
By Sheila Dang, Marianna Parraga and Deisy Buitrago
Overview of Upcoming Agreements
CARACAS/HOUSTON, April 13 (Reuters) - Chevron is expected to sign agreements on Monday to return a gas field to Venezuela and participate in an extra heavy crude area in the country's main oil region, while Shell is set to sign a pact to receive the Loran gas field for operation, three sources close to the preparations said.
Context: U.S. Reconstruction Plan and Oil Law Reform
The agreements are part of expansions and changes taking place since the U.S. launched a $100 billion reconstruction plan for Venezuela's energy sector after capturing President Nicolas Maduro nL1N3Y4092, and a sweeping reform of the country's main oil law was approved in January, encouraging foreign investment.
Details of the Chevron and Shell Pacts
Signing Parties and Expected Attendees
The pacts, whose specific terms are yet unknown, are expected to be signed by the companies nL6N3ZY1DG with the oil ministry and state-owned company PDVSA in the presence of acting President Delcy Rodriguez, the sources said on condition of anonymity.
Company Responses and Investment Opportunities
Chevron and Venezuela's oil ministry did not immediately reply to requests for comment. Shell declined to comment, but the energy major had previously told Reuters that Loran was an attractive investment opportunity as it extends into its Manatee field in Trinidad and Tobago.
Shell's Recent Negotiations and Projects
Shell has been in advanced talks with Venezuela's government in recent weeks to develop oil and gas fields in the South American country, including Loran, sources told Reuters earlier this month. In March, it signed preliminary agreements with Rodriguez's administration to advance the Dragon gas project and the Carito and Pirital onshore crude and gas areas.
Chevron's Focus on Petropiar and Orinoco Belt
Chevron has been in parallel talks to relinquish Loran, which it explored and confirmed as having more than 7 trillion cubic feet of reserves years ago, but did not develop. The U.S. major is now focused on expanding Petropiar, its main oil project in Venezuela, into the neighboring Ayacucho 8 area in the vast Orinoco Belt.
Reporting Credits
(Reporting by Sheila Dang, Marianna Parraga and Deisy Buitrago; Editing by Julia Symmes Cobb and Paul Simao)
Key Takeaways
- •Chevron will expand heavy‑oil operations via Ayacucho 8 block in the Orinoco Belt, boosting extra‑heavy crude output and potentially becoming the largest private producer in that region
- •Shell is set to receive the Loran offshore gas field and pursue onshore development in Monagas North (Carito and Pirital), aligning with its gas‑focused strategy and support for LNG exports
- •These moves follow February 2026 U.S. license authorizations enabling firms like Chevron and Shell to resume Venezuelan upstream investments under newly reformed hydrocarbon law
Frequently Asked Questions about Chevron, Shell to sign agreements for oil, gas areas in Venezuela, sources say
1Which companies are signing agreements in Venezuela's oil and gas sector?
Chevron and Shell are signing agreements for oil and gas field operations in Venezuela.
2What is Chevron expected to do in Venezuela?
Chevron is expected to sign agreements to return an offshore gas field and participate in an extra heavy crude oil area.
3What is Shell's role in the new agreements?
Shell is set to receive and operate the Loran gas field in Venezuela.
4When will Chevron and Shell sign the oil and gas agreements?
The agreements are expected to be signed on Monday, according to sources close to the preparations.
