Chevron has announced an asset swap with Petróleos de Venezuela, S.A. (PDVSA) to consolidate the operational focus of both companies on key strategic assets within Venezuela, strengthening Chevron’s position in the region’s heavy oil sector.
Under the terms of the agreement, Chevron will increase its working interest in the Petroindependencia, S.A. joint venture by 13.21 per cent, bringing its total stake to 49 per cent.
Furthermore, the Petropiar, S.A. joint venture, in which Chevron holds a 30 per cent interest, has secured the rights to develop the adjacent Ayacucho 8 area in the resource-rich Orinoco Oil Belt of Venezuela.
In exchange, Chevron will transfer to PDVSA its interests in several other assets. These include its 60 per cent and 100 per cent operated interests in the offshore Plataforma Deltana Block 2 and Block 3 gas licences, respectively, as well as its 25.2 per cent non-operated interest in the Petroindependiente, S.A. joint venture based 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 maintained a presence in Venezuela since 1923, making it one of the longest-standing energy operators in the nation.
This latest agreement reinforces the company’s commitment to supporting regional energy security through its established joint ventures, Petroindependencia and Petropiar.
The move is part of Chevron’s broader Latin American strategy, which balances current production in countries like Argentina and Guyana with an extensive exploration portfolio across Brazil, Suriname, Uruguay, and Peru.
By streamlining its Venezuelan holdings, Chevron aims to improve operational efficiency and secure a stable footing for future growth in one of the world’s most significant oil-producing regions.
