Chevron expands Venezuela heavy oil stake through asset swap with PDVSA
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Chevron Consolidates Venezuela Heavy Oil Position in Asset Swap
April 13, 2026 4:57 PM EDTHOUSTON--(BUSINESS WIRE)-- Chevron Corporation (NYSE: CVX) announced today it has, through its subsidiaries with interests in Venezuela, agreed to an asset swap with Petroleos de Venezuela, S. A. (PDVSA) 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 Chevrons subsidiary holds a 30% interest, has been assigned the rights to... More
