Chevron deepens Orinoco footprint with PDVSA asset swap

Published: 2026-04-14 11:45:11 ET CVX

Published on 04/14/2026 at 11:45 am EDT

Chevron Corp. has agreed to expand its position in Venezuela’s Orinoco Belt through a pair of deals with state oil company PDVSA, sharpening its focus on extra-heavy crude as the country seeks to revive output following sweeping sector reforms, Reuters reported.

The agreements, signed on April 13 in the presence of acting President Delcy Rodríguez, centre on an asset exchange that will lift Chevron’s stake in the Petroindependencia joint venture to 49% from 35.8%, while granting access to the Ayacucho 8 area tied to its flagship Petropiar project. In return, the US producer will relinquish offshore gas holdings, including the Loran field, along with a smaller oil asset in western Venezuela.

Chevron described the transaction as “a mutually beneficial agreement, which will consolidate all parties’ focus on strategic assets in the country,” underscoring a shift toward projects that can be integrated with its existing heavy crude operations.

The move comes amid a broader overhaul of Venezuela’s energy sector, including a $100bn reconstruction plan and a revamped hydrocarbons framework aimed at attracting foreign capital. The changes have opened the door for international operators to expand in one of the world’s largest extra-heavy oil reserves.

Chevron’s joint ventures currently produce about 260,000 barrels a day, roughly a quarter of national output, and executives have indicated production could rise by as much as 50% within two years.

Officials say the latest agreements will help “progress to increase output and secure revenue for the benefit of the people,” Rodríguez said.