Chevron consolidates Venezuela heavy oil position in asset swap
Chevron Corporation has announced that its subsidiaries in Venezuela have entered into a mutually beneficial asset swap agreement with Petróleos de Venezuela, S.A. (PDVSA) and its affiliates. The deal is designed to allow all parties to concentrate on their most strategic assets in the country.
As part of the agreement, Chevron will increase its stake in the Petroindependencia, S.A. joint venture by an additional 13.21%, bringing its total ownership to 49%. Additionally, the Petropiar, S.A. joint venture—where Chevron holds a 30% interest—has been granted the rights to develop the nearby Ayacucho 8 area in Venezuela’s Orinoco Oil Belt.
In return, Venezuela will acquire from Chevron subsidiaries a 60% and 100% operated interest in the offshore Plataforma Deltana Block 21 and Block 32 gas licenses, respectively, along with a 25.2% non-operated stake in the Petroindependiente, S.A. joint venture in western Venezuela.
“This agreement expands Chevron’s heavy oil position in two key joint ventures in Venezuela and reflects our disciplined development of the country’s significant resources. Ayacucho 8 is a producing asset in close proximity to Petropiar, which enhances development efficiencies,” said Javier La Rosa, President of Chevron Base Assets and Emerging Countries. “This asset swap marks another important step in Chevron’s long history in Venezuela and reinforces our role in supporting regional energy security.”
Chevron has been a major energy player in Venezuela for over a century, with operations dating back to 1923. Its key joint ventures—Petroindependencia and Petropiar—focus on producing extra-heavy crude oil from projects located in the Orinoco Oil Belt.
Across Latin America, Chevron maintains a diverse portfolio of production and exploration activities, covering conventional, shale, and offshore assets. The company produces oil and gas in several key markets, including Argentina, Guyana, and Venezuela, through both operated and non-operated interests. At the same time, it supports future growth through a strong exploration pipeline, holding around 35 active exploration blocks in countries such as Brazil, Suriname, Uruguay, and Peru—ensuring a balanced mix of current production and long-term opportunities in the region.
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