🇻🇪 Big oil is lining up at Venezuela’s door again. Reuters says Chevron, ONGC, GE Vernova, Eni and GeoPark are racing to close deals under a new law letting foreigners run fields and keep the cash. Chevron wants more Orinoco. Washington and Caracas are already pitching a 25-ye
Why it matters
Foreign oil companies re-entering Venezuela could increase supply, potentially lowering oil prices, but also create opportunities for these companies.
Details
🇻🇪 Big oil is lining up at Venezuela’s door again. Reuters says Chevron, ONGC, GE Vernova, Eni and GeoPark are racing to close deals under a new law letting foreigners run fields and keep the cash. Chevron wants more Orinoco. Washington and Caracas are already pitching a 25-year push across 17 fields and 65B barrels, with output potentially reaching 1.5M barrels a day. Venezuela pumps about 1.25M now. The reserves are real, and so are the politics, broken pipes and contracts. The oil still has to come out. Source: Reuters / Writer: Lucas
Sources
- x · 2026-08-31 20:30 UTC