Chevron consolidates Venezuela heavy oil position in asset swap
Chevron recently announced that, through its subsidiaries with interests in Venezuela, it has agreed to an asset swap with Petroleos de Venezuela, S. A. (“PDVSA”) and PDVSA’s subsidiaries, in a mutually beneficial agreement that will consolidate all parties’ focus on strategic assets in the country.
Under the agreement, Chevron will receive an additional 13.21% working interest in the Petroindependencia, S.A. joint venture, increasing its total stake to 49%. In addition, Petropiar, S.A., a joint venture in which Chevron’s subsidiary holds a 30% 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% and 100% operated interests in the offshore Plataforma Deltana Block 21 and Block 32 gas licenses, respectively, and its 25.2% non-operated interest in the Petroindependiente, S.A. joint venture located 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 near 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 is one of the leading energy companies in Venezuela, with a presence that dates to 1923. Petroindependencia and Petropiar operate extra-heavy oil 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.
