Chevron has entered an asset exchange with PDVSA that boosts its working interest in the Petroindependencia joint venture by 13.21 percentage points to 49% and secures development rights for Ayacucho 8 in the Orinoco Oil Belt. Under the agreement, Chevron will transfer its 60% interest in offshore Plataforma Deltana Block 21 and full ownership of Block 32 gas licenses to Venezuelan entities.

The transaction includes the divestiture of Chevron’s 25.2% non-operated stake in the Petroindependiente JV in western Venezuela, allowing the company to focus on adjacent core heavy oil projects. This streamlining aligns with Chevron’s strategy to enhance development efficiency near existing operations.

This asset swap reinforces Chevron’s century-long presence in Venezuela and strengthens its extra-heavy oil production portfolio in the Orinoco Belt. Coupled with the recent Bandit prospect discovery in the Gulf of Mexico, Chevron continues to diversify its Latin American and Gulf region operations while supporting regional energy security.