Chevron announced that it has reached an asset swap agreement with Venezuelan entities.
Under the agreement, Chevron will receive an additional 13.21% working interest in the Petroindependencia, S.A. joint venture, bringing its total stake to 49%, the company explained. Petropiar, S.A. joint venture, has been given the rights to develop the Ayacucho 8 area located in the Orinoco Oil Belt of 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, the 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.”
The developments are among the first major expansion deals following the U.S.-led reconstruction plan for Venezuela’s energy.
Reuters reports that Shell is expected to sign a deal later this week.
Following Maduro’s arrest, the United States began working with interim authorities in Venezuela to reshape the country’s economic and political direction. Washington has already overseen the sale of Venezuelan oil valued at roughly $500 million, with proceeds placed into accounts controlled by the U.S. government as part of broader financial oversight measures.
President Trump announced in January that Venezuelan officials would turn over between 30 million and 50 million barrels of sanctioned oil to the United States “immediately.”
In late March, the U.S. Embassy in Venezuela resumed operations following the capture of the country’s former leader, Nicolas Maduro. The State Department said at the time that the “resumption of operations at U.S. Embassy Caracas is a key milestone in implementing [President Donald Trump’s] three-phase plan for Venezuela and will strengthen our ability to engage directly with Venezuela’s interim government, civil society, and the private sector.”
