(WO) – Chevron has agreed to an asset swap with Petróleos de Venezuela S.A. (PDVSA) that will expand its position in the country’s heavy oil sector while divesting certain gas assets.
Under the agreement, Chevron will increase its stake in the Petroindependencia joint venture to 49%, gaining an additional 13.21% interest. The company will also advance development opportunities in the Orinoco Belt through Petropiar, where it holds a 30% interest, following the assignment of rights to the adjacent Ayacucho 8 area.
The transaction shifts Chevron’s portfolio in Venezuela further toward extra-heavy crude developments, particularly in the Orinoco Belt, one of the world’s largest accumulations of heavy oil resources. The proximity of Ayacucho 8 to existing Petropiar operations is expected to support more efficient development.
In exchange, Chevron will transfer its interests in offshore gas assets to PDVSA, including operated stakes in Plataforma Deltana Block 21 and Block 32, as well as a non-operated interest in the Petroindependiente joint venture in western Venezuela.
Chevron said the agreement reflects a continued focus on strategic upstream assets in Venezuela, where the company has operated for more than a century. Petroindependencia and Petropiar are key components of its portfolio, producing extra-heavy crude from Orinoco Belt projects.
The deal underscores a broader shift toward optimizing asset positions in mature and resource-rich basins, as operators prioritize developments that can leverage existing infrastructure and improve capital efficiency.
Map source: Global Energy Infrastructure
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