Chevron announced on Monday, April 13 2026, that it will sign agreements to return the Loran gas field to Venezuela and to participate in the Ayacucho 8 heavy‑crude block. The agreements are expected to be signed on 2026‑04‑13 and will formalize Chevron’s renewed presence in Venezuelan offshore assets, expanding its upstream portfolio in a geopolitically sensitive region.
Chevron’s relationship with Venezuela dates back to the early 1920s, and the company has survived nationalization and U.S. sanctions by operating under special Treasury licenses. The new agreements come after the “capture” of President Nicolás Maduro and reforms to Venezuela’s hydrocarbons law that grant foreign companies greater autonomy, creating a more permissive regulatory environment for foreign investment.
The Loran gas field and Ayacucho 8 block will expand Chevron’s upstream portfolio and provide a strategic feedstock advantage for its U.S. Gulf Coast refineries, which are optimized for heavy crude. The heavy‑crude block aligns with Chevron’s long‑term strategy to secure high‑quality crude that matches its refinery capabilities.
Shell is also negotiating agreements for the Carito and Pirital fields, and the broader $100 billion investment plan aims to revitalize Venezuela’s oil sector. The agreements are part of a larger effort to attract international investment, with the new licenses and regulatory changes creating a more permissive environment for foreign operators.
Chevron CEO Mike Wirth has said, "It's a large resource that has the opportunity to become a more sizable part of our portfolio in the future. But we also need to see stability in the country. We need to have confidence in the fiscal regime." He added, "We play a long game."
The agreements signal Chevron’s confidence in Venezuela’s future production upside and its long‑term strategy to diversify its asset base while capitalizing on favorable refinery synergies. The move also reflects the company’s ability to navigate complex sanctions and regulatory landscapes.
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