Input Stories

Energy Companies Invest in Venezuela

By NAM NewsroomOctober 9, 2026

Many energy companies are either considering or have inked new investment deals with Venezuela, as the country aims to revitalize its oil and gas infrastructure.

Chevron: Last month, Chevron signed the largest agreement with Venezuela by a private U.S. oil company, committing to a $7 billion investment to raise production to 600,000 barrels per day over the next five years (POLITICO, subscription).

  • “Energy Secretary Chris Wright, who landed in Caracas on Tuesday night to tout the deals, told CNBC that he expects [total] Venezuelan production to eclipse 1.5 million barrels per day by the first half of next year, up from around 900,000 barrels per day last year.”

Continental Resources: Continental Resources signed a preliminary agreement last month to explore untapped heavy-oil fields in Venezuela (The Wall Street Journal, subscription).

Baker Hughes: This week, Baker Hughes announced two agreements to build out oil infrastructure, the first to develop natural gas infrastructure in partnership with Venezuelan state oil company PDVSA, engineering firm Lindsayca and ​LNG developer Fulcrum LNG, and the second with New Stratus Energy to work on future oil and gas projects (Reuters).

ExxonMobil: Also last month, ExxonMobil was nearing agreement on a memorandum of understanding with Venezuela, which would allow it to invest in several developed and undeveloped fields—its first foray into Venezuela in decades (The Wall Street Journal, subscription).

  • However, ExxonMobil and ConocoPhillips are also working to ensure that any new contracts are durable, and they are also seeking to recoup billions of dollars owed to them due to the previous nationalization of energy infrastructure (EnergyNow).

ConocoPhillips: Venezuela will need “real stability” and “reasonable ​fiscal terms,” which could take a decade to establish, before its oil industry can recover, ConocoPhillips Chief Economist Helen Currie said recently.

The bottom line: Venezuela’s new regime is offering important opportunities for energy investment, which could substantially contribute to America’s energy security.