By Christie U. Omonigho
Energy Window International (Media) — Chevron Corporation (NYSE:CVX) was reported to have announced its interest and consequent agreement, through its subsidiaries in Venezuela, for an asset swap with Petroleos de Venezuela, S. A. (“PDVSA”) and subsidiaries of PDVSA. Chevron said the “mutually beneficial agreement” would help accelerate consolidation of each of the party’s focus especially on the strategic assets in the country.
Energy Window International (Media) learnt that Chevron would, under the agreement, receive an additional 13.21% working interest in the Petroindependencia, S.A. joint venture thereby increasing its total stake to 49%. In addition, Petropiar, S.A. joint venture, where Chevron’s subsidiary holds a 30% interest according to report, was automatically assigned the rights to develop the adjacent Ayacucho 8 area located within the Orinoco Oil Belt of Venezuela.
It was also gathered that Venezuela would receive from Chevron subsidiaries its 60% and 100% operated interests in the offshore Plataforma Deltana Block 21 and Block 32 gas licenses, respectively, besides its 25.2% non-operated interest in the Petroindependiente, S.A. joint venture which is located within western Venezuela.
Javier La Rosa, President of Chevron Base Assets and Emerging Countries said: “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.”
“This asset swap marks another important step in Chevron’s long history in Venezuela and reinforces our role in supporting regional energy security.”
Chevron says it is one of the leading energy companies in Venezuela, with a presence that dates back to 1923. Petroindependencia and Petropiar as was gathered operate extra-heavy oil from projects in the Orinoco Oil Belt.
In its disclosure Chevron said its broad production and exploration footprint across Latin America is second to none, priding itself as well in its active operations spanning conventional, shale, and offshore assets, with oil and gas production carried out across key countries including Argentina, Guyana, and Venezuela. It also said that it maintains a strong exploration portfolio with about 35 active exploration blocks across Brazil, Suriname, Uruguay, and Peru, thereby positioning itself for “long‑term growth while maintaining a balanced mix of production and future opportunities across the region.”
According to the company, Plataforma Deltana Block 2 License contains the Loran gas discovery, while the Plataforma Deltana Block 3 License contains the Macuira gas discovery.
