Chevron Expands Venezuelan Oil Operations Through Asset Swap

The Chevron Corporation signed two agreements on April 13, 2026, to expand its operations within the Orinoco Belt through an asset swap with the state-owned oil company PDVSA. These deals increase Chevron's stake in the Petroindependencia joint venture from 35.8% to 49% and grant the company rights to the Ayacucho 8 oil area to support its Petropiar project.

In exchange for these strategic gains, Chevron is relinquishing interests in lower-priority assets, including a small oil field in western Venezuela and the Loran offshore gas field. The company expects to increase its Venezuelan output by 50% over the next two years. This expansion follows a January reform of Venezuela's hydrocarbons law and a $100 billion U.S. reconstruction plan for the energy sector.

The signing ceremony took place at Miraflores Palace and was attended by acting President Delcy Rodriguez and U.S. officials. The event signals renewed energy cooperation between the United States and Venezuela, with the new legal framework designed to provide guarantees for investors and boost production.