Under the deal, Chevron will increase its stake in Petroindependencia to 49% and gain rights to develop the Ayacucho 8 area near the Petropiar project in the Orinoco Oil Belt.
In exchange, Venezuela will receive Chevron’s offshore gas interests in Plataforma Deltana blocks and a minority stake in Petroindependiente.
Chevron said the move supports its focus on high-value crude assets and operational efficiency, while reinforcing its long-standing presence in the country.
Significance of Venezuela Assets
Chevron’s expanding footprint in Venezuela underscores its decades-long presence in the country, dating back to 1923, and highlights its role in regional energy security. The company remains the only U.S. oil major operating in Venezuela, a position that has supported recent earnings performance.
During the last earnings call, CEO Mike Wirth reaffirmed that commitment, stating, “We remain committed to [Venezuela’s] present. And we stand ready to help it build a better future while strengthening U.S. energy and regional security.”
JPMorgan analyst Arun Jayaram expects production in Venezuela to increase by about 50% over the next 18–24 months from current levels of roughly 250,000 barrels per day, aligning with broader industry expectations for growth if conditions remain favorable.
In an email interview with Benzinga, oil veteran Baron Lamarre said if Venezuela ...
