Chevron Swaps Venezuela Gas Assets for Orinoco Heavy Oil Stakes

Chevron is exiting offshore gas positions in Venezuela in exchange for larger stakes in Orinoco heavy oil projects. The move shifts focus away from gas development, raising questions about future supply from cross-border fields.

(P&GJ) — Chevron Corporation has agreed to an asset swap with PDVSA that increases its exposure to heavy oil projects in the Orinoco Belt while exiting select offshore gas positions.

Under the agreement, Chevron will raise its stake in the Petroindependencia joint venture to 49%, up by 13.21%, and secure development rights for the adjacent Ayacucho 8 area through the Petropiar joint venture, where it holds a 30% interest. Both assets are located in Venezuela’s Orinoco Belt, one of the world’s largest extra-heavy crude regions.

In exchange, PDVSA will assume Chevron’s interests in offshore gas licenses in the Plataforma Deltana area, including operated positions in Blocks 2 and 3, which contain the Loran and Macuira gas discoveries.

The transaction consolidates Chevron’s focus on existing heavy oil operations, where proximity between assets is expected to improve development efficiency and integration.

The move also reflects a broader shift toward prioritizing oil production over offshore gas development in Venezuela, as companies reassess project economics and operational alignment under evolving market and regulatory conditions.

Chevron has maintained a long-standing presence in Venezuela and continues to operate through joint ventures with PDVSA in the country’s upstream sector.