US energy majors ExxonMobil and Chevron have expressed tentative interest in re-engaging with Venezuela’s petroleum sector following the easing of US sanctions, provided that the country establishes robust legal and political stability, according to Reuters.
The shift in tone follows the US Treasury’s Office of Foreign Assets Control (OFAC) issuance of General License 46 on January 29, 2026. The license authorizes established US entities to engage in a broad range of activities involving Venezuelan-origin oil.
Simultaneously, Venezuela’s National Assembly enacted a sweeping hydrocarbon reform that reduces the state monopoly held by Petróleos de Venezuela S.A. (PDVSA) and grants private producers greater operational and commercial autonomy.
ExxonMobil CEO Darren Woods, who previously described the country’s investment climate as “uninvestable,” noted that the company could leverage its experience in Canadian heavy-crude projects to develop Venezuela’s resources more economically.
Woods expressed cautious optimism, stating that the U.S. administration’s current focus on stabilizing the country and transitioning toward a representative government aligns with the objectives needed to protect the new capital.
Meanwhile, Chevron CEO Mike Wirth highlighted the company’s immediate capacity to integrate more Venezuelan crude into its refining system. Wirth noted that Chevron could process an additional 100,000 barrels per day (b/d) at its U.S. Gulf and West Coast refineries, on top of its current 50,000 b/d throughput.
Chevron, currently the only major US producer active in Venezuela under a special license, outlined a plan to increase its gross production in the country by approximately 50% over the next 18 to 24 months. The company intends to fund this expansion using cash generated from existing operations rather than committing new capital, maintaining a disciplined approach to growth.
Despite the legislative progress in Caracas, both executives emphasized that long-term, capital-intensive investments remain dependent on the establishment of durable legal frameworks and the use of international arbitration for dispute resolution.
ExxonMobil has reiterated its offer to send a technical team to assess the current state of Venezuela’s energy infrastructure before making further commitments.
