04:41 AM EDT, 03/11/2026 (MT Newswires) -- Chevron ( CVX ) and Shell (SHEL) are nearing major petroleum extraction agreements in Venezuela following the US apprehension of Nicolas Maduro, Reuters reported Wednesday, citing five unnamed sources close to the negotiations and official documents.

The US energy firm and local energy officials established preliminary conditions to expand the Petropiar operation within the Orinoco Belt, Reuters quoted two sources as saying.

The arrangement provides extraction privileges in the Ayacucho 8 sector to boost heavy crude volume while pursuing lower royalty rates and tax benefits, the news outlet reported.

Shell plans to explore and work on the Carito and Pirital fields in eastern Venezuela for lighter crude and natural gas required for blending purposes, Reuters reported, citing an official summary document.

Local authorities anticipate finishing their evaluations by late March, while the US government thoroughly reviews corporate credentials and sanctions adherence prior to issuing clearances, Reuters reported.

Chevron ( CVX ) and Shell did not immediately respond to MT Newswires' request for comment.

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