Venezuela Oil Industry Rebuild

Venezuela Oil Industry Rebuild

Abandoned pumpjacks damaged over time at a field of the state oil company PDVSA on Lake Maracaibo, as residents around the oil‑rich centre of Maracaibo in Zulia state remain uncertain about new investments following recent legislative reforms allowing greater private participation in PDVSA and aimed at revitalising the country’s struggling oil sector, in Cabimas, Venezuela, 27 January 2026. REUTERS/Leonardo Fernandez Viloria/File Photo

Chevron, Shell closing in on first big oil production deals in Venezuela since US captured Maduro

The deals would allow both companies ​to boost production in coveted oil regions in the South American country, the biggest steps to date toward what US President Donald Trump has said would be a ...