Chevron has signed an asset exchange agreement with Petróleos de Venezuela (PDVSA), broadening its involvement in Venezuela’s heavy oil industry and transferring specific gas holdings.
The transaction will increase Chevron’s working interest in the Petroindependencia joint venture (JV) by 13.21 percentage points, resulting in a total share of 49%.
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Furthermore, the Petropiar JV, in which Chevron retains a 30% stake, has received development rights for the adjacent Ayacucho 8 area within the Orinoco Oil Belt.
Through this arrangement, Chevron will transfer its 60% and full ownership interests in the offshore Plataforma Deltana Block 21 and Block 32 gas licences, respectively, to Venezuelan entities.
Chevron will also divest its 25.2% non-operated stake in the Petroindependiente JV in the western part of the country.
Chevron base assets and emerging countries president Javier La Rosa said: “This agreement expands Chevron’s heavy oil position in two key JVs 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.”
Chevron has operated in Venezuela since 1923, making it one of the leading energy companies present in the country.
The company’s JV projects, Petroindependencia and Petropiar, are focused on extra-heavy oil production in the Orinoco Oil Belt.
In Latin America, Chevron maintains a broad operational portfolio, with activity in conventional, shale and offshore oil and gas production in Argentina, Guyana and Venezuela, supported by both operated and non-operated assets.
Chevron also holds around 35 active exploration blocks in Brazil, Suriname, Uruguay and Peru.
PDVSA, headquartered in Caracas, manages the country’s oil and gas activities, overseeing upstream and downstream operations.
The company supplies crude oil and refined petroleum products within Venezuela under the PDV brand and in the eastern and mid-western US through the Cities Service Oil Company brand.
Earlier this month, Chevron made an oil discovery at the Bandit prospect, located around 125 miles south of the Louisiana coast in the Gulf of Mexico.
