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StocksMediumUpdated×3•Originally published 16 April 2026•Updated 17 April 2026•

1 min read

Repsol and Chevron Strengthen Venezuela Presence via Production and Asset Swap Deals

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Key Facts

1Spain's Repsol signed a deal with the Venezuelan government to regain operational control of its oil assets.

about 2 months ago

Version History

Version 3about 2 months ago

What changed: Updated the story to include details of Chevron's strategic asset swap with PDVSA and its increased stake in heavy oil projects.

Version 2about 2 months ago

What changed: Added details regarding U.S. licenses, the current 45,000 bpd production figure, the three-year expansion timeline, and collaboration with U.S. energy firms.

Version 1about 2 months ago

What changed: The story was updated to include details on the guaranteed payment mechanism and the target to triple oil production.

Spain's Repsol has expanded its agreement with Venezuela's PDVSA to triple production to 135,000 barrels per day, supported by U.S. licenses and a guaranteed payment system. Simultaneously, Chevron announced a strategic asset swap with PDVSA to consolidate its position in the heavy oil sector, increasing its stake in the Petroindependencia joint venture to 49% and gaining development rights for the Ayacucho 8 area. As part of the restructuring, Chevron transferred its interests in the Plataforma Deltana gas licenses and the Petroindependiente joint venture to PDVSA. These moves aim to optimize production efficiency and stabilize cash flows from Venezuelan assets amid a relative easing of regulatory constraints. Analysts suggest these developments reflect a broader trend of major energy firms high-grading their Venezuelan portfolios to secure long-term supply. These agreements provide additional support to global energy security during a period of heightened geopolitical volatility.