Chevron (CVX) and Shell Move Closer to Venezuela Oil Deals — Here’s Why It Matters

FomoAnxiety · 2026-03-11T05:52:22+00:00

Chevron and Shell are nearing significant oil production deals in Venezuela following the U.S. capture of President Maduro. This marks a substantial step in revitalizing the oil industry amid efforts by the U.S. to invest $100 billion in the region.

FomoAnxiety

2026-03-11 05:52:22

Abstract generation in progress

Oil giants Chevron Corporation CVX -1.66% ▼ and Shell SHEL -0.56% ▼ are reportedly close to securing the first major oil production deals with Venezuela since the U.S. captured President Nicolás Maduro earlier this year. The deals would let both companies increase oil production in key Venezuelan regions, marking the biggest step yet in what U.S. President Donald Trump has described as a $100 billion effort to rebuild the region’s oil industry after years of underinvestment.

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For context, U.S. forces captured Nicolás Maduro and Cilia Flores in Caracas, Venezuela, on January 3 and flew them to New York. Since then, the Trump administration has framed the intervention to reopen one of the world’s largest oil reserves to U.S. energy firms.

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