**Chevron is preparing to expand its oil operations in Venezuela as it finalizes an agreement to move its joint ventures into the country’s new energy framework**, [Reuters](https://www.reuters.com/business/energy/chevron-complete-deal-venezuela-migrate-expand-oil-projects-sources-say-2026-08-28/) reports. The new arrangements would give the US major greater operational control and allow further expansion of its projects.

The agreement is expected to incorporate the previously announced expansion of Chevron’s Petropiar heavy-crude venture into the neighboring Ayacucho 8 block in the Orinoco Belt. Negotiations also cover expansion of a smaller project elsewhere in the belt, while Chevron, Venezuela’s oil ministry and PDVSA have discussed adding another oil development area to the company’s portfolio.

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