Overview
- Chevron and PDVSA, in a Monday agreement signed in Caracas, raised Chevron’s holding in the Petroindependencia venture to 49% and granted rights to develop the Ayacucho 8 block beside its Petropiar project.
- In exchange, Chevron is transferring its Plataforma Deltana offshore gas interests in Blocks 2 and 3, which include the Loran and Macuira discoveries, plus a minority stake in the Petroindependiente venture in western Venezuela.
- The move concentrates Chevron’s portfolio on extra‑heavy crude in the Orinoco Belt, where Ayacucho 8 sits next to existing facilities at Petropiar to cut development time and costs through shared roads, power, and processing.
- Chevron’s joint ventures with PDVSA produce about 260,000 barrels per day today, and executives have said output could grow by roughly 50% within two years, though companies and analysts note the need for major repairs to pipelines and upgraders.
- A ceremony at Miraflores Palace featured acting President Delcy Rodríguez and U.S. officials, reflecting a broader opening shaped by January’s hydrocarbons law reform and a U.S. reconstruction push, while firms like ConocoPhillips and ExxonMobil continue fact‑finding without new commitments.