Chevron Corporation (NYSE: CVX) announced an asset swap agreement with Petroleos de Venezuela, S.A. and its subsidiaries that increases the company's stake in Venezuelan heavy oil operations.

Under the agreement, Chevron will receive an additional 13.21% working interest in the Petroindependencia, S.A. joint venture, bringing its total stake to 49%. The company's Petropiar, S.A. joint venture, where Chevron holds a 30% interest, has been assigned rights to develop the adjacent Ayacucho 8 area in Venezuela's Orinoco Oil Belt.

In exchange, Venezuela will receive Chevron's 60% and 100% operated interests in the offshore Plataforma Deltana Block 21 and Block 32 gas licenses, respectively, and its 25.2% non-operated interest in the Petroindependiente, S.A. joint venture in western Venezuela.

"This agreement expands Chevron's heavy oil position in two key joint ventures in Venezuela and reflects our disciplined development of the country's significant resources," said Javier La Rosa, President of Chevron Base Assets and Emerging Countries. "Ayacucho 8 is a producing asset in close proximity to Petropiar, which enhances development efficiencies."

Chevron has operated in Venezuela since 1923. The Petroindependencia and Petropiar joint ventures operate extra-heavy oil projects in the Orinoco Oil Belt. The company maintains production and exploration operations across Latin America, including Argentina, Guyana, and Venezuela, with approximately 35 active exploration blocks across Brazil, Suriname, Uruguay, and Peru.

The information is based on a company press release statement.