Venezuela’s oil sector is entering a critical reset following the capture of Nicolás Maduro and the installation of Delcy Rodríguez as President. The report examines a fragile transition defined by the need to preserve political stability and by a complex, evolving relationship with the United States. New security, political, commercial and legal conditions will be central to investment decisions, production recovery and the re-engagement of international oil companies.

We assess how Chevron and other first movers could capitalise on short-cycle opportunities in the Maracaibo and Eastern Venezuelan basins, while also examining the longer-term growth potential of the Orinoco Oil Belt. The note highlights implications for US Gulf Coast refiners, regional gas developments and the broader region.

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