Chevron is in advanced talks to divest its Singapore downstream business, targeting a transaction close in the first quarter. The deal involves the 291,000-barrel-per-day Pulau Bukom refinery, two oil terminals with combined storage capacity of 10 million barrels, and a network of 600 service stations across Southeast Asia. Four people familiar with the negotiations say Chevron narrowed the final bidding to Japan’s Eneos and commodities giant Glencore. Proceeds from the sale, expected to exceed $3 billion, will be redeployed into higher-return projects in the U.S. shale and Gulf of Mexico portfolios.

Despite long-standing interest in Venezuela’s Orinoco Belt, Chevron has resisted large capital outlays under the existing U.S. sanctions regime. The company successfully lobbied for carve-outs in Washington to maintain its joint-venture fields with state oil company PDVSA—fields that hold an estimated 3.2 billion barrels of recoverable heavy oil. However, Chevron has kept annual investment in Venezuela below $200 million over the past two years, focusing instead on sustaining production at roughly 80,000 barrels per day. As election-year debates intensify, Chevron faces pressure to support policy proposals that would ease sanctions, while balancing the risk of new asset-freezes or fines if Washington tightens restrictions further.