According to a report from Bloomberg, Chevron is negotiating operating rights to the fields in the Carabobo region in Venezuela that reportedly has access to billions of barrels of heavy oil reserves.

  • The oil fields are located near a large area already operated by Chevron through its PetroIndependencia joint venture with Venezuela’s state-owned oil company, PDVSA. 
  • The report comes shortly after U.S. President Donald Trump announced that his administration has signed a new agreement with Venezuela to access billions of barrels of oil. 
  • As per the report, Chevron’s agreement is expected to be the biggest among several deals likely to be announced in the coming days.

Shares of Chevron Corp. (CVX) closed up more than 2% higher on Tuesday and continued to climb in the overnight session on reports that the company is nearing a deal for two giant oil fields in the Orinoco Belt in Venezuela as it looks to significantly expand its operations in the country. 

According to a report from Bloomberg, the only American oil major with an existing footprint in Venezuela is negotiating operating rights to fields in the Carabobo region that reportedly have access to billions of barrels of heavy oil reserves, according to people familiar with the matter. 

The report comes shortly after U.S. President Donald Trump announced that his administration has signed a new agreement with Venezuela, one of the "BIGGEST OIL DEAL IN HISTORY,” earlier this week. 

What This Means For Chevron 

The oil fields are located near a large area already operated by Chevron through its PetroIndependencia joint venture with Venezuela’s state-owned oil company, PDVSA. 

The agreement is expected to be the biggest among several deals likely to be announced in the coming days, as the Trump administration seeks to encourage greater U.S. investment in Venezuela’s oil sector, as per the report. 

Chevron reportedly did not provide a comment on the agreement.

The report also noted that the deal is separate from the U.S. government negotiations with Venezuela to take a direct stake in 17 oilfields with about 64 billion barrels of proved reserves. 

Trump Had Previously Confirmed A Potential Deal 

Trump at a press event in ​the Oval Office on Monday reportedly said that ExxonMobil (XOM), Chevron, and other large American oil companies will be entering Venezuela, adding that “everybody's bidding," for the U.S. to take out "millions and millions of barrels of oil" that is already being shipped to refineries in Texas and Louisiana, among ​other locations.

"We're making a fortune, and they're making a fortune. They're ​starting to make real money," Trump said.

CVX Stock: Retail Stance

On Stocktwits, retail sentiment around CVX stock improved from ‘bullish’ to ‘extremely bullish’ over 24 hours as message volumes were in the ‘high’ territory. 

One user said, “$CVX earnings coming up and I like the setup here. Integrated model keeps grinding through volatility, capital discipline still intact. Energy sector sentiment shifting positive going into the print. Watching closely, feeling good about this one.” Chevron will report its third-quarter earnings results at the end of October. 

Another user said, “$CVX just chilling in the range, nothing screaming direction here. Market seems split between energy bulls and macro worries. Volume's not telling much of a story either way. Watching for a catalyst to break the sideways grind.”

CVX stock has gained more than 35% so far in 2026. 

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