Chevron and Shell are closing in on their first major production deals in Venezuela since the U.S. capture of President Maduro, a move that could revitalize the country’s oil output and bring new investment to the Orinoco Belt and Monagas North.

Venezuela’s National Assembly approved sweeping reforms in late January that grant foreign companies autonomy to operate, export and sell oil even as minority partners of state‑owned PDVSA. The reforms aim to unlock the country’s vast reserves and support a $100 billion rebuild effort championed by former President Trump.

Under preliminary terms, Chevron would expand its Petropiar project to include the Ayacucho 8 block, a proven extra‑heavy oil field south of Petropiar. The company and PDVSA could extend their well‑cluster system to the new area, potentially boosting output quickly. Last month, the pair produced around 90,000 barrels per day of upgraded Hamaca crude and 20,000 barrels per day of vacuum gasoil at Petropiar, according to a PDVSA document, while Venezuela’s total production sits at roughly 1.05 million barrels per day.

Meanwhile, Shell signed preliminary agreements to develop the Carito and Pirital fields in the Monagas North region, fields that can produce light and medium crude and natural gas. An official summary noted that the Punta de Mata area, which includes Pirital, Carito and El Furrial, produced about 94,000 barrels per day of crude and 1.03 billion cubic feet per day of gas last month, with roughly 350 million cubic feet per day flared. In an email, Shell said its agreements “formally articulate Shell’s intent to progress a variety of opportunities with Venezuela,” including offshore gas, onshore oil and gas, exploration, local content and workforce development.

Other majors are also eyeing expansion. Repsol has the largest debt to recover in Venezuela, with over $5 billion accumulated under sanctions, the firm said last month. The government is reviewing all production‑sharing contracts and inviting joint‑venture partners to green‑field and mature blocks, while PDVSA negotiates the return of two untapped offshore natural‑gas areas at the Plataforma Deltana project, though the terms remain unclear.

With the new legal framework and a growing roster of international partners, Venezuela’s oil sector could see a steady uptick in output and a more diversified portfolio of light‑crude and gas projects, positioning the country to meet its long‑term production targets and attract further investment.