Chevron Corporation has, through its subsidiaries with interests in Venezuela, agreed to an asset swap with Petroleos de Venezuela, S. A. (PDVS) and subsidiaries of PDVSA in a mutually beneficial agreement which will consolidate all parties’ focus on strategic assets in the country.
Under the agreement, Chevron will receive an additional 13.21% working interest in the Petroindependencia, S.A. joint venture, increasing its total stake to 49%. In addition, Petropiar, S.A. joint venture, in which Chevron’s subsidiary holds a 30% interest, has been assigned the rights to develop the adjacent Ayacucho 8 area located in the Orinoco Oil Belt of Venezuela.
Venezuela will receive from Chevron subsidiaries its 60% and 100% operated interests in the offshore Plataforma Deltana Block 21 and Block 32 gas licenses, respectively, and its 25.2% non-operated interest in the Petroindependiente, S.A. joint venture located 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, President of Chevron Base Assets and Emerging Countries. “This asset swap marks another important step in Chevron’s long history in Venezuela and reinforces our role in supporting regional energy security.”
Chevron is one of the leading energy companies in Venezuela, with a presence that dates back to 1923. Petroindependencia and Petropiar operate extra-heavy oil projects in the Orinoco Oil Belt.
