Chevron Swaps Assets with PDVSA, Raising Venezuela Stake to 49%

Chevron finalized an asset swap with Venezuela’s state-owned PDVSA to strengthen its position in the nation's heavy oil belt.

The agreement increases Chevron’s stake in the Petroindependencia joint venture to 49%. Chevron also secured rights to develop a new area in the Orinoco Oil Belt through its Petropiar joint venture.

Reports indicate Chevron is expected to receive two additional oil fields in Western Venezuela. These moves align with Venezuela’s strategy to attract foreign investment and revitalize its energy sector.