Swap oil-and-gas block interests; Chevron ramps up its Venezuelan oil business

On April 13 local time,Chevron announced it had reached an asset swap agreement with Venezuela's state oil company and its subsidiaries, and the two parties will consolidate their core oil and gas strategic resources in Venezuela.

Under the terms of the agreement, Chevron will increase its working interest in the Petroindependencia joint venture by 13.21%, bringing its total stake to 49%; at the same time, its 30%-held Petropiar company successfully obtained the development rights for Block Ayacucho 8 in Venezuela's Orinoco oil belt.

As part of the swap, the Venezuelan side will acquire multiple asset interests from Chevron, including a 60% natural gas production interest in offshore Plataforma Deltana Block 21 and a 100% natural gas production interest in Block 32, as well as a 25.2% non-operating interest in the western Petroindependiente joint venture.

This exchange of interests will further optimize the regional asset portfolios of both parties and consolidate Chevron's advantage in heavy oil and onshore fields in Venezuela.