Chevron on 13th April 2026 entered into two significant agreements aimed at expanding its presence in Venezuela’s Orinoco Belt, with a central component being an asset swap that reshapes its portfolio in the country. The arrangements include the addition of a new extra heavy crude area to its primary project, alongside the return of an offshore gas field and a smaller crude asset. Executives and officials confirmed the development during an event, highlighting that the asset swap forms part of a broader effort to optimize operational focus. These agreements come in the wake of major policy shifts, including the U.S. launching a $100 billion reconstruction plan for Venezuela’s energy sector following the capture of President Nicolas Maduro, as well as the approval of sweeping reforms to the country’s main oil law in January aimed at encouraging foreign investment.
The deals, expected to support higher crude production and expand Chevron’s role in the OPEC country’s most important oil-producing region, were formalized by company executives led by Javier La Rosa, head of Chevron’s Base Assets and Emerging Countries, together with officials from state-owned company PDVSA. The signing took place in the presence of acting President Delcy Rodriguez. As part of the agreement, Chevron will increase its stake in Petroindependencia, one of its joint ventures with PDVSA in the Orinoco, to 49% from 35.8%. At the same time, under the terms of the asset swap, the company will relinquish two gas blocks that include the Loran offshore field, along with its participation in a smaller oil project in western Venezuela. In exchange, Chevron will gain access to Ayacucho 8, an oil area integrated into its Petropiar project, which is its largest operation in the Orinoco Belt.
The asset swap strengthens Chevron’s position as PDVSA’s principal joint venture partner and supports its ambitions to expand heavy oil operations in Venezuela amid growing interest from other international players. Commenting on the agreement, the company stated that its asset swap with PDVSA and its subsidiaries is “a mutually beneficial agreement, which will consolidate all parties’ focus on strategic assets in the country,” the company said in a release after the event. Earlier this year, Chevron executives indicated that output in Venezuela could rise by about 50% over the next two years within its existing footprint. Currently, joint ventures between Chevron and PDVSA are producing approximately 260,000 barrels per day, representing around a quarter of the country’s total output.
