Venezuela's government has signed an agreement expanding US energy company Chevron's presence in the country's vast oil sector, in a ceremony held Monday at the Miraflores presidential palace in Caracas. The deal, announced by acting President Delcy Rodríguez, comes weeks after a sweeping hydrocarbon reform opened the sector to private and foreign investment — the first major legislative move since the capture of former President Nicolás Maduro in January.

Under the terms of the agreement, Chevron's stake in the Petroindependencia joint venture rises to 49%, and the company gains rights for primary extraction activities in the Ayacucho 8 block as part of the Petropiar joint venture. Both projects lie within the Orinoco Oil Belt, a roughly 55,000-square-kilometre reserve in eastern Venezuela that holds the world's largest proven crude oil deposits. The deal is part of a broader asset restructuring: Chevron is consolidating its focus on extra-heavy crude while returning a marine gas field to the Venezuelan state. Separately, Shell is reported to be close to signing an agreement to operate the Loran gas field in waters near Trinidad and Tobago.

The agreement was signed in the presence of US chargé d'affaires Laura Dogu and a senior US Energy Department official, underlining Washington's direct involvement in reshaping Venezuela's energy landscape. Rodríguez praised Chevron — which marks 103 years of operations in Venezuela this month — for its loyalty