Financial Wire

Chevron Enters Asset Swap Agreement With Petroleos de Venezuela

-- Chevron (CVX) said late Monday it has agreed to an asset swap with Petroleos de Venezuela via its subsidiaries in the country to consolidate its heavy oil position.

Under the agreement, Chevron will receive an additional 13.21% working interest in the Petroindependencia joint venture, according to a statement.

The Petropiar JV was offered the rights to develop the Ayacucho 8 area located in the Orinoco Oil Belt of Venezuela, the company said.

Venezuela will receive from Chevron its 60% and 100% operated interests in the offshore Plataforma Deltana Block 2 and Block 3 gas licenses, respectively, and its 25.2% non-operated interest in the Petroindependiente JV, according to the company.

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