Chevron Corp has signed an asset swap settlement with Petróleos de Venezuela SA (PDVSA) that enables the US vitality big to develop its heavy oil place within the South American nation’s Orinoco Oil Belt.
State-owned PDVSA agreed to promote a 13.21 % stake within the Petroindependencia SA three way partnership to Chevron, whose possession would improve to 49 %.
“As well as, Petropiar SA three way partnership, during which Chevron’s subsidiary holds a 30 % curiosity, has been assigned the rights to develop the adjoining Ayacucho 8 space positioned within the Orinoco Oil Belt of Venezuela”, Chevron mentioned in a web based assertion.
- Advertisement -
“Venezuela will obtain from Chevron subsidiaries its 60 % and 100% operated pursuits within the offshore Plataforma Deltana Block 2 and Block 3 gasoline licenses, respectively, and its 25.2 % non-operated curiosity within the Petroindependiente SA three way partnership positioned in western Venezuela”.
The Plataforma Deltana Block 2 allow incorporates the Loran gasoline discovery, whereas the Plataforma Deltana Block 3 license incorporates the Macuira gasoline discovery, based on Chevron.
Javier La Rosa, president of Chevron Base Property and Rising International locations, mentioned, “This settlement expands Chevron’s heavy oil place in two key joint ventures in Venezuela and displays our disciplined improvement of the nation’s vital sources. Ayacucho 8 is a producing asset in shut proximity to Petropiar, which boosts improvement efficiencies”.
Following the US’ seize of Venezuelan chief Nicolás Maduro early this yr, Chevron has engaged with each Washington and Caracas on “shared vitality objectives”, the corporate mentioned in its quarterly report January 30.
“We’ve been part of Venezuela’s previous for greater than a century. We stay dedicated to its current. And we stand prepared to assist it construct a greater future whereas strengthening U.S. vitality and regional safety”, chief government Mike Wirth mentioned then.
Chevron has mentioned its actions in Venezuela has been restricted to authorizations issued by the U.S. in gentle of sanctions in opposition to the Maduro regime.
“The monetary outcomes for Chevron’s enterprise in Venezuela have been recorded as non-equity investments since 2020, the place earnings is simply acknowledged when money is obtained, and manufacturing and reserves are usually not included within the firm’s outcomes”, it mentioned in its annual report for 2025.
“Following the issuance of a common license and different authorizations, crude oil liftings in Venezuela restarted in 2023.
“Chevron maintained its presence in Venezuela according to the U.S. authorities sanctions coverage, and pursuant to this coverage, continued delivering restricted crude oil to the U.S. from these associates by January 2026.
“Primarily based on lately revised authorizations that align with present U.S. sanctions coverage for Venezuela, Chevron will proceed supply of crude oil produced from its Venezuelan belongings to the U.S. and to the worldwide market”.
To contact the creator, electronic mail jov.onsat@rigzone.com
What do you suppose? We’d love to listen to from you, be part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all vitality professionals to Converse Up about our business, share data, join with friends and business insiders and have interaction in an expert group that can empower your profession in vitality.
