Chevron Nears Deal to Expand Venezuelan Oil Operations

Chevron is finalizing negotiations to migrate its oil joint ventures in Venezuela into the country's new energy framework, giving the US major more control over operations and key expansions. The agreement, expected to be announced on Wednesday, will include an asset swap allowing the Petropiar heavy crude project, Chevron's largest in Venezuela, to expand to the neighboring Ayacucho 8 block.

The deal also involves a smaller project in the Orinoco Belt, with talks ongoing for a potential new oil area that could be added to Chevron's portfolio. The US major has been working closely with Venezuela's oil ministry and state-run PDVSA on the negotiations.