Chevron Seals Deal to Expand Venezuela Oil Projects

Chevron is nearing completion of negotiations to transition its joint ventures in Venezuela into the country's new energy framework, giving the US energy major greater operational control.

The agreement, expected to be announced on Wednesday, includes a previously announced asset swap that would allow Chevron's Petropiar heavy crude project to expand into the neighboring Ayacucho 8 block.

A second area within the vast Orinoco Belt is also part of the negotiations, aimed at expanding a smaller project there.