Venezuela expects to approve a reform to its hydrocarbon law. The change grants joint-venture partners, such as Chevron, more control over projects and direct access to sales proceeds.
Foreign oil companies have long sought these proposed changes. The reforms aim to attract investment and boost the nation's oil output.
Chevron has already increased its oil shipments from Venezuela. The company assembled its largest tanker fleet in nearly a year to export crude to U.S. refiners.
Chevron maintains several joint ventures with state-owned PDVSA. The new terms could lead to more flexible and favorable operating conditions.