Chevron has agreed to an asset swap with Petroleos de Venezuela and its subsidiaries to consolidate its position in Venezuela’s heavy oil sector.
Under the agreement, Chevron will receive an additional 13.21% working interest in the Petroindependencia joint venture, increasing its total stake to 49%.
The Petropiar joint venture, in which Chevron holds a 30% interest, has also been assigned rights to develop the adjacent Ayacucho 8 area in the Orinoco Oil Belt.
As part of the swap, Venezuela will receive Chevron’s 60% and 100% operated interests in the offshore Plataforma Deltana Block 2 license, which contains the Loran gas discovery, and Block 3 license, which contains the Macuira gas discovery, respectively, as well as a 25.2% non-operated interest in the Petroindependiente 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.
“This asset swap marks another important step in Chevron’s long history in Venezuela and reinforces our role in supporting regional energy security,” said Javier La Rosa, President of Chevron Base Assets and Emerging Countries.
Chevron said it has operated in Venezuela since 1923, with Petroindependencia and Petropiar producing extra-heavy oil from projects in the Orinoco Oil Belt.
The company maintains production and exploration operations across Latin America, including Argentina, Guyana and Venezuela, and holds about 35 active exploration blocks across Brazil, Suriname, Uruguay and Peru.