In 2026, Venezuela is witnessing a significant revival in its energy sector. Following the U.S. general licenses issued in February and key reforms to the Organic Hydrocarbons Law, major international oil companies including Repsol, Eni, Shell, and Chevron have expanded their operations and signed important agreements with PDVSA. These developments are boosting crude oil and natural gas production while creating fresh opportunities for local service providers, contractors, and suppliers across the Venezuelan energy industry.
If your company offers specialized services to the oil and gas sector in Venezuela, this article will show you exactly where the activity is happening and how you can participate.
Chevron stands as the most important international oil company operating in Venezuela today. As the only major U.S. oil company with active operations, Chevron currently produces approximately 240,000 to 250,000 barrels per day — representing a substantial portion of the country’s total output. The company has been present in Venezuela for over a century and continues to lead the sector’s growth through multiple joint ventures with PDVSA.
Key Chevron operations include:
In early 2026, Chevron announced ambitious growth targets, with potential to increase output by up to 50% within 18 to 24 months. The company is finalizing agreements to develop Ayacucho 8, which would mark its fifth major operational area and position it as the largest private producer in the Orinoco Belt — home to over three-quarters of Venezuela’s vast crude reserves. These expansions focus on both heavy oil production and infrastructure upgrades, driving significant demand for local services.
Repsol is one of PDVSA’s most established partners in the country. The Spanish company holds a 40% stake in the Petroquiriquire joint venture and actively operates the Quiriquire field in Monagas state, along with the Mene Grande and Barúa Motatán fields in Zulia and Trujillo states.
Repsol also controls 60% of the Quiriquire Profundo block, focused on the exploration and production of non-associated natural gas. Recent agreements have enabled increased crude production in both eastern and western regions. In March 2026, Repsol joined forces with Eni to sign a new agreement with PDVSA aimed at securing and expanding gas supply from the Cardón IV project.
Eni in Venezuela: Leading the Perla Offshore Gas Field
Italian energy major Eni maintains a key presence through its joint venture with Repsol in the Cardón IV project, which operates the giant Perla offshore gas field in the Gulf of Venezuela. This field currently produces approximately 580 million cubic feet of gas per day, playing a vital role in supplying gas for domestic power generation.
In March 2026, Eni and Repsol signed an important agreement with PDVSA to ensure stable gas supply and explore future development opportunities from the Perla field — one of the largest gas reserves in Latin America. The improved regulatory environment has strengthened Eni’s position, allowing the company to move forward with greater confidence in both gas and potential oil projects.
Shell in Venezuela: New Agreements for Carito and Pirital Fields
Shell has returned with momentum in 2026. In March, the company signed several agreements with the Venezuelan government for the development of oil and gas projects. These include the onshore development of the Carito and Pirital fields in the Punta de Mata area of Monagas state, which produce high-quality light and medium crude along with associated gas.
The agreements also cover technical and commercial alliances with local companies such as VEPICA, as well as international partners like KBR and Baker Hughes. Shell’s renewed activity focuses on increasing production, promoting local content, and exploring cross-border gas opportunities near Trinidad and Tobago.
With a history in Venezuela dating back to 1914, Shell is now actively contributing to the country’s goal of raising overall oil and gas output.
Opportunities for Local Companies in Venezuela’s Oil and Gas Sector
The expansion of these major oil companies — led by Chevron’s substantial production and growth plans — is creating strong demand for local services including drilling, field maintenance, logistics, engineering, environmental solutions, and industrial safety. The new agreements place special emphasis on local content, giving Venezuelan businesses a strategic advantage to support operations in the Orinoco Belt, Quiriquire, Perla, Carito, Pirital, Boscán, and other key areas.
This is a pivotal moment for companies ready to participate in Venezuela’s energy revival.
Ready to join Venezuela’s growing oil and gas opportunities?
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Planterra Construction provides boots-on-the-ground infrastructure and modular workforce housing designed to help energy companies mobilize quickly and operate efficiently.
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