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2026-04-15 Caribbean-Latin America
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Chevron Signs Asset Swap Deal in Venezuela, Expanding Oil Operations
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| More oil for the world — that won’t be coming from Iran or Russia — driving prices down and supplies up. |
[Breitbart] American multinational energy corporation Chevron on Monday signed asset swap agreements with Venezuela’s state-owned oil company PDVSA to expand oil production in the country’s Orinoco Belt, where the world’s largest accumulation of heavy and extra-heavy crude oil is located.
The agreements were signed on Monday evening during a ceremony hosted by “acting President” Delcy Rodríguez at the Miraflores presidential palace in Caracas. U.S. Ambassador Laura Dogu, who was present at the event, detailed on social media that Kyle Haustveit, Assistant Secretary for the U.S. Department of Energy’s Hydrocarbons and Geothermal Energy Office (HGEO), was also present at the signing ceremony. Haustveit traveled to Caracas to meet with Rodríguez.
“We continue to move forward with President Donald Trump’s three-phase plan and working toward Venezuela’s economic transformation,” Ambassador Dogu wrote.
Chevron detailed in an official press statement that per the terms of the new agreement, the company will receive an additional 13.21 percent working interest of the Petroindependencia, S.A. joint venture, which brings Chevron’s total stake to 49 percent.
Additionally, Petropiar, S.A., a joint venture that Chevron holds a 30 percent interest in, was assigned rights to develop a new “Ayacucho 8” oil area in the Orinoco Belt of Venezuela. In return, Venezuela will receive from Chevron’s subsidiaries its 60 and 100 percent operated interests in the Deltana Block 21 offshore platform and Block 32 gas licenses, as well as its 25.2 percent non-operated interest in the Petroindependencia, S.A. joint venture located in western Venezuela.
Chevron detailed that it has maintained a presence in Venezuela that dates back to 1923 and noted that the Petroindependencia and Petropiar joint ventures operate extra-heavy oil from projects in the Orinoco Oil Belt.
A report published by the BBC last week indicated that Chevron is now importing an average of 250,000 barrels of Venezuelan crude oil per day into the United States following the January 3 U.S. law enforcement operation in Caracas authorized by President Donald Trump that resulted in the successful arrest of socialist dictator Nicolás Maduro and his wife, Cilia Flores, both of whom are presently undergoing trial proceedings on multiple drug trafficking charges in New York.
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Posted by Skidmark 2026-04-15 01:31||
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Posted by Super Hose 2026-04-15 06:34||
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