Chevron Expands Heavy Oil Footprint in Venezuela

Chevron Corp has signed an asset swap agreement with Petróleos de Venezuela SA (PDVSA) that allows the United States energy giant to grow its heavy oil position in the South American country's Orinoco Oil Belt.

State-owned PDVSA agreed to sell a 13.21 percent stake in the Petroindependencia SA joint venture to Chevron, whose ownership would increase to 49 percent.

"In addition, Petropiar SA joint venture, in which Chevron's subsidiary holds a 30 percent interest, has been assigned the rights to develop the adjacent Ayacucho 8 area located in the Orinoco Oil Belt of Venezuela", Chevron said in an online statement.

"Venezuela will receive from Chevron subsidiaries its 60 percent and 100 percent operated interests in the offshore Plataforma Deltana Block 2 and Block 3 gas licenses, respectively, and its 25.2 percent non-operated interest in the Petroindependiente SA joint venture located in western Venezuela".

The Plataforma Deltana Block 2 permit contains the Loran gas discovery, while the Plataforma Deltana Block 3 license contains the Macuira gas discovery, according to Chevron.

Javier La Rosa, president of Chevron Base Assets and Emerging Countries, said, "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".

Following the United States' capture of Venezuelan leader Nicolás Maduro early this year, Chevron has engaged with both Washington and Caracas on "shared energy goals", the company said in its quarterly report January 30.

"We have been a part of Venezuela’s past for more than a century. We remain committed to its present. And we stand ready to help it build a better future while strengthening U.S. energy and regional security", chief executive Mike Wirth said then.

Chevron has said its activities in Venezuela has been limited to authorizations issued by the U.S. in light of sanctions against the Maduro regime.

"The financial results for Chevron's business in Venezuela have been recorded as non-equity investments since 2020, where income is only recognized when cash is received, and production and reserves are not included in the company's results", it said in its annual report for 2025.

"Following the issuance of a general license and other authorizations, crude oil liftings in Venezuela restarted in 2023.

"Chevron maintained its presence in Venezuela consistent with the U.S. government sanctions policy, and pursuant to this policy, continued delivering limited crude oil to the U.S. from these affiliates through January 2026.

"Based on recently revised authorizations that align with current U.S. sanctions policy for Venezuela, Chevron will continue delivery of crude oil produced from its Venezuelan assets to the U.S. and to the international market".

To contact the author, email jov.onsat@rigzone.com