Chevron Seals Venezuelan Oil Venture Expansion Deal

Chevron is set to finalize negotiations to migrate its oil joint ventures in Venezuela into the country's new energy framework.

The deal, expected to be announced on Wednesday, will allow Chevron more control over operations and key oilfield expansions.

As part of the agreement, Chevron's Petropiar heavy crude project, its largest in Venezuela, will expand to the neighbouring Ayacucho 8 block through a previously announced asset swap.

The company is also negotiating to expand a smaller project in the vast Orinoco Belt and has held talks with the Venezuelan Oil Ministry and state-run PDVSA for a potential new oil area to be added to its portfolio.