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
Importance
Level 1
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.