As reported by Reuters, the companies are negotiating the first major oil production deals in Venezuela since the capture of former president Nicolás Maduro earlier this year and the subsequent overhaul of the country’s hydrocarbons framework. The potential agreements represent the most significant step yet in reopening Venezuela’s vast oil sector to international investment after years of sanctions, underinvestment and declining production.

According to Reuters, Chevron is seeking to expand its footprint in the country’s prolific Orinoco Belt, including potential development of the Ayacucho 8 block – a largely undeveloped area south of the Petropiar project that could significantly boost the company’s heavy crude output.

Shell, meanwhile, has signed preliminary oil and gas agreements targeting the Carito and Pirital fields in eastern Venezuela’s Monagas North region. The fields are among the few areas capable of producing light and medium crude alongside natural gas – resources that are critical for blending Venezuela’s heavy oil to make it exportable.

The deals are being facilitated by sweeping reforms passed earlier this year that grant foreign companies greater operational autonomy, lower taxes and allow private producers to operate fields in partnership with state-owned Petróleos de Venezuela (PDVSA). Together, the developments signal a turning point for a country that holds the world’s largest proven oil reserves yet has struggled for years to maintain production capacity.

The Race for First-Mover Advantage

For international energy companies, Venezuela’s reopening presents a rare opportunity: access to one of the world’s largest untapped hydrocarbon resource bases at the start of a new regulatory cycle. Companies that move early could secure the most attractive acreage, favorable fiscal terms and strategic partnerships before competition intensifies.

This dynamic will be the focus of the “First Mover Advantage in Venezuela’s Frontier” session at Caribbean Energy Week (CEW), taking place in Paramaribo later this month. The session will bring together policymakers, investors and operators to examine how early entrants can position themselves in Venezuela’s reopening upstream sector, navigate the country’s evolving regulatory framework and identify opportunities for partnerships, infrastructure investment and regional collaboration.

Momentum is already building. Venezuela’s government is reviewing existing energy contracts while rolling out reforms that grant foreign companies greater operational autonomy, including the ability to operate fields and export crude even as minority partners of state-owned PDVSA.

In this environment, companies entering the market early may play a defining role in shaping the next phase of Venezuela’s upstream sector – from production-sharing structures and fiscal incentives to export logistics and infrastructure development. With billions of barrels of recoverable crude and significant untapped gas resources, the stakes are considerable, and the country’s reopening could trigger one of the most significant upstream investment cycles in the Western Hemisphere.

Caribbean Synergies and the Trinidad Link

The impact of these developments will not be confined to Venezuela alone. Shell’s agreements include progress on offshore gas projects such as the long-delayed Dragon field, which is expected to export gas to Trinidad and Tobago as early as 2027.

For Trinidad, whose LNG and petrochemical sectors rely on stable gas supply, cross-border projects with Venezuela could provide a vital feedstock source while unlocking previously stranded resources in Venezuelan waters. The geological basins of eastern Venezuela and Trinidad are closely connected, making gas cooperation between the two countries one of the most commercially viable energy partnerships in the Caribbean.

The timing of the Chevron and Shell negotiations also coincides with a surge of energy investment activity across the wider region. Major offshore discoveries in Guyana and Suriname, alongside Venezuela’s reopening, are drawing renewed attention from global oil majors, investors and service companies seeking exposure to one of the fastest-growing hydrocarbon provinces in the world.

Against this backdrop, CEW 2026 will serve as a key platform for governments, investors and industry leaders to discuss emerging opportunities across hydrocarbons, gas infrastructure and regional energy integration. With Venezuela re-entering the global investment landscape, the question for many companies is no longer whether the country will attract capital – but who will secure the first opportunities in one of the world’s most significant frontier energy markets.

Join us in shaping the future of Caribbean energy. To participate in this landmark event, please contact sales@energycapitalpower.com.