Chevron Agrees to Asset Swap With Petroleos de Venezuela

Chevron Corp. announced it has agreed to an asset swap with Petroleos de Venezuela (PDVSA) that will increase its stake in a joint venture while divesting its interests in offshore gas blocks.

• Chevron will receive additional 13.21% working interest in Petroindependencia joint venture, increasing its stake to 49%
• Petropiar joint venture, in which Chevron’s subsidiary holds a 30% interest, gains development rights to adjacent Ayacucho 8 area
• Venezuela will receive from Chevron subsidiaries its 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 ...