Chevron progresses in the expansion of its oil operations in Venezuela with the addition of two fields located in Carabobo, within the Orinoco Oil Belt, one of the areas with the highest concentrations of heavy crude oil in the country.
The US oil company will incorporate the Carabobo 1 and Carabobo 2 South-A assets, which will be linked to PetroIndependencia, a joint venture in which Chevron holds a 49% stake along with the state-owned Petróleos de Venezuela (PDVSA).
Chevron adds two oil fields in Carabobo
Negotiations to expand the presence of Chevron they initially considered the possibility of granting the company operating rights over two large fields located near areas that it already develops through PetroIndependencia.
The deposits contain billions of barrels of heavy oil resources and, because of their location, could take advantage of some of the existing infrastructure in the region to facilitate their development.
Subsequently, the company confirmed an expansion of its operations in Venezuela, which includes new concessions in the Orinoco Oil Belt, as well as updated legal, fiscal, and commercial terms. With this development, Carabobo 1 and Carabobo 2 South-A are incorporated into the US oil company’s growth plans in the country.
PetroIndependencia will play a central role in the expansion
PetroIndependencia will play a crucial role in the development of the new assets; the company is part of the joint ventures through which Chevron maintains operations with PDVSA in Venezuela.
The addition of these fields will allow Chevron to expand its upstream portfolio and increase its stake in the heavy oil resources concentrated in the Orinoco Belt.
The expansion also comes amid renewed efforts to increase Venezuelan oil production and mobilize investment towards fields that need capital, maintenance and infrastructure to recover or expand their productive capacity.
Chevron plans to invest more than $7 billion
The new terms contemplated for the company’s operations could facilitate investments exceeding $7 billion over the next five years for the development and recovery of oil assets in Venezuela.
The company would also aim to increase its production to approximately 600,000 barrels per day, more than double the levels recorded in 2026. In this scenario, the Carabobo fields would be part of a broader strategy that combines new investments, facility upgrades, and expansion of production capacity.
The development of these resources also presents a technical challenge due to the characteristics of the crude oil from the Orinoco Oil Belt. These hydrocarbons require specialized facilities and processes for their extraction, transportation, and conditioning before reaching the refineries.
The Orinoco Belt gains importance in Chevron’s plans
The addition of the new fields strengthens Chevron’s image within the Venezuelan oil industry and expands its access to one of the world’s largest concentrations of hydrocarbon resources.
The oil company has maintained its operations in Venezuela for years through partnerships with PDVSA and now seeks to increase its stake in assets with the potential to contribute higher production volumes.
For Chevron, Carabobo 1 and Carabobo 2 South-A represent an opportunity to strengthen its upstream operations and expand its production capacity in the Orinoco Oil Belt.
Source: World Oil.
Photo: Shutterstock
