Chevron Swaps Loran Gas Field for Ayacucho 8, Raising JV Stake to 49%
Chevron agreed to swap its Loran offshore gas field and a minor western Venezuela crude stake for the Ayacucho 8 heavy crude area, boosting its Orinoco Belt JV stake to 49% from 35.8%. The deal follows Venezuela’s new $100 billion energy reconstruction plan and aims to raise Chevron’s output by ~50%.
1. Asset Swap Terms
Chevron and PDVSA signed agreements swapping Chevron’s Loran offshore gas field and a small western Venezuela crude stake for the Ayacucho 8 heavy crude area, integrating the new block into Chevron’s existing Petropiar project in the Orinoco Belt.
2. Production and JV Stakes
The company will raise its stake in the Petroindependencia joint venture to 49% from 35.8%, joining existing JV output of 260,000 barrels per day and targeting a potential 50% production increase within two years from current operations.
3. Strategic Context
The transactions mark the first major expansion deals since Venezuela launched a $100 billion energy reconstruction plan and approved a comprehensive oil law reform, aiming to attract foreign investment and rebuild national output.