Chevron enters asset swap with Petroleos de Venezuela

Chevron (CVX) announced it has, through its subsidiaries with interests in Venezuela, agreed to an asset swap with Petroleos de Venezuela, S. A. and subsidiaries of PDVSA in a mutually beneficial agreement which will consolidate all parties’ focus on strategic assets in the country. Under the agreement, Chevron will receive an additional 13.21% working interest in the Petroindependencia, S.A. joint venture, increasing its total stake to 49%. In addition, Petropiar, S.A. joint venture, in which Chevron’s subsidiary holds a 30% interest, has been assigned the rights to develop the adjacent Ayacucho 8 area located in the Orinoco Oil Belt of Venezuela. Venezuela will receive from Chevron subsidiaries its 60% and 100% operated interests in the offshore Plataforma Deltana Block 2 and Block 3 gas licenses, respectively, and its 25.2% non-operated interest in the Petroindependiente, S.A. joint venture located in western Venezuela.