en.Wedoany.com Reported - On April 13, Chevron (CVX.N) signed two strategic agreements in Venezuela. Through an asset swap model, Chevron increased its stake in the Orinoco Belt joint venture Petroindependencia from 35.8% to 49%.

This agreement is among the first major expansion deals following Venezuela's enactment of a new oil law in January this year, which comprehensively reformed its foreign investment access system. Venezuelan Acting President Delcy Rodríguez attended the signing ceremony. According to the agreement, Chevron relinquished its interests in the Lorán offshore gas field and a small oil field in western Venezuela, and in return acquired the Ayacucho 8 oil block in the Orinoco region. This new block will be integrated into Chevron's existing Petropiar project for unified operation.

Currently, Chevron's joint venture with Venezuela's state-owned oil company produces 260,000 barrels of crude oil per day, accounting for approximately 25% of Venezuela's total national output. As the only major U.S. energy company currently maintaining large-scale production operations in Venezuela, Chevron's business layout significantly impacts the country's energy exports. Upon completion of this asset swap, Chevron will further consolidate the extra-heavy crude oil resources in the Orinoco Belt, leveraging its technological advantages to enhance oil field recovery rates.

This expansion initiative is expected to involve a total investment of up to $100 billion. By divesting non-core natural gas and marginal oil field assets, Chevron has achieved an absolute focus on strategic heavy oil assets. The increase in its stake to the legal limit of 49% not only strengthens Chevron's market position in Venezuela's upstream sector but also provides a reference model for subsequent international energy capital to return to the Venezuelan market.

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