Chevron adds to Venezuela heavy oil position with asset swap

Chevron grows Venezuela heavy oil position with asset swap

Venezuela

HOUSTON, April 14, 2026 – Chevron has agreed an asset swap with Petróleos de Venezuela (PDVSA) to increase its participation in oil and gas assets and gain development rights in Venezuela, Chevron announced on Monday.

Under the deal, Chevron will receive an additional 13.21% working interest in Petroindependencia, a joint venture with PDVSA, bringing its total stake to 49%. In parallel, the Petropiar joint venture, in which Chevron holds 30%, has been awarded rights to develop the Ayacucho 8 in the Orinoco Oil Belt.

In exchange, Venezuela will obtain the 60% and 100% operated interests held by Chevron subsidiaries in the offshore Plataforma Deltana Block 2 and Block 3 gas licences, respectively, along with 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,” said Javier La Rosa, Chevron’s president of base assets and emerging countries.

Chevron has operated in Venezuela since 1923 and works in the country through a series of joint ventures with PDVSA. In Latin America, the company has operations across conventional, shale and offshore plays. It holds operated and non-operated assets in Argentina, Guyana and Venezuela, and has an exploration portfolio consisting of about 35 blocks in Brazil, Peru, Suriname and Uruguay.

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