Chevron Consolidates Venezuela Heavy Oil Position in Asset Swap
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Chevron has, through its subsidiaries with interests in Venezuela, agreed to an asset swap with Petroleos de Venezuela (PDVSA) and subsidiaries of PDVSA in a mutually beneficial agreement which will consolidate all parties’ focus on strategic assets in the country.
“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,” added La Rosa.
Under the agreement, Chevron will receive an additional 13.21 percent working interest in the Petroindependencia joint venture, increasing its total stake to 49 percent. In addition, Petropiar joint venture, in which Chevron’s subsidiary holds a 30 percent interest, has been assigned the rights to develop the adjacent Ayacucho 8 area located in the Orinoco Oil Belt of Venezuela.
Venezuela will receive from Chevron subsidiaries its 60 percent and 100 percent operated interests in the offshore Plataforma Deltana Block 21 and Block 32 gas licenses, respectively, and its 25.2 percent non-operated interest in the Petroindependiente joint venture located in western Venezuela.
Chevron is one of the leading energy companies in Venezuela, with a presence that dates back to 1923. Petroindependencia and Petropiar operate extra-heavy oil from projects in the Orinoco Oil Belt.
Chevron has a broad production and exploration footprint across Latin America, with active operations spanning conventional, shale, and offshore assets. The company produces oil and gas across key countries including Argentina, Guyana, and Venezuela, supported by operated and non‑operated assets. In parallel, Chevron maintains a strong exploration portfolio with about 35 active exploration blocks across Brazil, Suriname, Uruguay, and Peru, positioning the company for long‑term growth while maintaining a balanced mix of production and future opportunities across the region.
Chevron is one of the world’s leading integrated energy companies. They believe affordable, reliable, and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and the industry. They aim to grow their traditional oil and gas business, lower the carbon intensity of its operations, and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets, and other emerging technologies.
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