Chevron expands heavy-oil footprint in Venezuela via PDVSA asset swap
Chevron and PDVSA agreed to an asset swap that expands Chevron’s heavy-oil position in Venezuela: Chevron will raise its stake in the Petroindependencia joint venture to 49% and Petropiar will gain rights to develop the Ayacucho 8 area in the Orinoco Belt, while Venezuela will receive Chevron’s 60% and 100% operated interests in the offshore Plataforma Deltana Block 21 and Block 32 gas licenses, and its 25.2% non-operated stake in Petroindependencia. The deal consolidates key assets for development and reinforces Chevron’s long-standing role in Venezuela and regional energy security.