Chevron Corp. and other US energy companies are close to finalizing deals to invest billions of dollars to help rebuild Venezuela's oil fields, according to the Wall Street Journal. Chevron is nearing a deal to potentially add two new heavy-oil fields to its operations in Venezuela, the Journal reported, citing unnamed sources.

Chevron already has joint ventures with Venezuela's state oil company and is the only US oil major that's active in the country. The potential expansion would mark a significant deepening of Chevron's footprint in the country's hydrocarbon sector.

The deal, reported on August 28, 2026 at 1:52 PM UTC, underscores how US energy firms are positioning to capitalize on Venezuela's vast reserves. Photographer Benjamin Fanjoy captured a Chevron gas station in San Mateo, California, illustrating the company's broad US retail presence alongside its international ambitions.