Chevron (CVX) is signing a deal with Venezuela's PDVSA aimed at increasing production by joint ventures, according to state TV, while it agrees to asset swap with PDVSA

Chemron's deal with Venezuela's PDVSA significantly ramps up joint production efforts and strategic asset exchanges, signaling a stronger foothold in the Venezuelan energy sector.

Newsquawk StaffPublished 13 Apr 2026, 21:10 UTCOn the live feed at 20:50 UTC — 4 more headlines followed before this page went public

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20:55

US President Trump criticises The New York Times and says Iran has been totally obliterated militarily, and otherwise

20:53

US Energy Secretary Wright says US energy prices will likely rise in the next few weeks and remain until meaningful ship traffic through the Strait of Hormuz resumes

20:50

Chevron (CVX) is signing a deal with Venezuela's PDVSA aimed at increasing production by joint ventures, according to state TV, while it agrees to asset swap with PDVSA

20:46

Brazilian President Lula says signed measures that define and extend important rights for outsourced professionals in the Federal Public Administration, including reducing the workday from 44 to 40 hours/week with salary maintenance for nearly 60k workers

20:42

Iranian President Pezeshkian said to French President Macron in a phone call on Monday that Iran will negotiate only under international law, while he claimed that unreasonable US demands prevented an agreement in weekend talks between US and Iran

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Says:

To acquire an additional 13.21% stake in the Petroindependencia JV, while Petropiar JV gains rights to develop the adjacent Ayacucho 8 block in the Orinoco Belt.
Venezuela to receive from Chevron subsidiaries its 60% and 100% operated interests in offshore Plataforma Deltana Block 2 and Block 3 gas licenses.

Context

The acquisition of stakes in pivotal projects like Petroindependencia and Ayacucho 8 not only bolsters Chevron's production capacity but also reflects a thawing relationship, which could be bullish for oil and gas markets overall. Traders should watch how this influences Chevron's stock performance and sentiment in the energy sector.

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