Chevron Bolsters Venezuelan Oil Operations with New Agreements

Chevron has strengthened its position in Venezuela by expanding its joint ventures and securing additional acreage in the Orinoco Belt.

The agreements, which include enhanced fiscal, commercial, and legal terms, will support future investment, project development, and production growth in the country.

Chevron's subsidiary has been assigned a 49% interest in Petroindependencia, S.A., allowing it to develop adjacent areas in the Orinoco Belt, including Carabobo-1 and Carabobo-2-South-A.

The greenfield sites expand the joint venture's operational footprint and increase extra-heavy oil production.