Chevron Agrees to Asset Swap With PdVSA

Published: 2026-04-13 17:41:17 ET CVX

Published on 04/13/2026 at 05:41 pm EDT

By Stephen Nakrosis

Chevron said its subsidiaries with interests in Venezuela agreed to an asset swap with Petroleos de Venezuela, or PdVSA, which will help consolidate the parties' focus on strategic assets.

The deal will see Chevron receive an additional 13.21% working interest in the Petroindependencia joint venture, bringing the company's total stake to 49%. Another joint venture, Petropiar, which is 30% owned by a Chevron subsidiary, will receive rights to develop an area located in Venezuela's Orinoco Oil Belt.

Chevron said its subsidiaries will give PdVSA a 60% interest in an offshore block, as well as gas licenses, and a 25.2% non-operated interest in the Petroindependiente joint venture located in the western part of the country.

Write to Stephen Nakrosis at [email protected]

(END) Dow Jones Newswires

04-13-26 1740ET