Chevron has agreed an asset swap with Petroleos de Venezuela and its subsidiaries to expand its position in Venezuela’s heavy oil sector.

Under the agreement, Chevron will receive an additional 13.21% working interest in the Petroindependencia joint venture, raising its total stake to 49%. The Petropiar joint venture, in which Chevron holds 30%, has also secured rights to develop the adjacent Ayacucho 8 area in the Orinoco Oil Belt.

In exchange, Venezuela will take over Chevron’s 60% operated interest in the offshore Plataforma Deltana Block 2 license, which contains the Loran gas discovery, and its 100% operated interest in Block 3, which contains the Macuira gas discovery. The transaction also includes Chevron’s 25.2% non-operated interest in the Petroindependiente joint venture in western Venezuela.

Javier La Rosa, President of Chevron Base Assets and Emerging Countries, said the agreement broadens the company’s heavy oil position in two key joint ventures in Venezuela and reflects its disciplined development of the country’s significant resources. He added that Ayacucho 8 is a producing asset close to Petropiar, supporting development efficiency, and described the swap as another step in Chevron’s long history in Venezuela while reinforcing its role in regional energy security.

Chevron said it has operated in Venezuela since 1923. The company said Petroindependencia and Petropiar produce extra-heavy oil from projects in the Orinoco Oil Belt. Across Latin America, Chevron maintains production and exploration operations in Argentina, Guyana and Venezuela, and holds about 35 active exploration blocks in Brazil, Suriname, Uruguay and Peru.