Exploration and Production
Chevron is one of the leading private oil companies in Venezuela, where we partner with Petróleos de Venezuela, S.A. (PDVSA) in exploration and production projects.
In 2012, net daily production averaged 64,000 barrels of liquids and 27 million cubic feet of natural gas.
- The Boscan Field in the state of Zulia in western Venezuela is operated by Petroboscan, S.A., a joint venture with PDVSA in which Chevron holds a 39.2 percent interest. During 2012, net daily production averaged 28,000 barrels of liquids and 5 million cubic feet of natural gas.
- Chevron owns 25.2 percent of Petroindependiente, S.A., which operates the LL-652 Field in Lake Maracaibo. During 2012, Petroindependiente's net daily production averaged 1,000 barrels of liquids and 8 million cubic feet of natural gas.
- Chevron has a 30 percent interest in PetroPiar, S.A., a nonoperated joint venture with PDVSA in Venezuela's Orinoco Belt. This vertically integrated project produces extra-heavy crude and refines it to a lighter, high-quality synthetic crude oil. Net daily production in 2012 averaged 17,000 barrels of synthetic crude oil, 18,000 barrels of extra-heavy crude oil and 14 million cubic feet of natural gas.
Chevron also has an important presence offshore Venezuela, in the Plataforma Deltana region. Chevron operates and holds a 60 percent interest in Block 2 and a 100 percent interest in Block 3. The Loran Field in Block 2 and the Manatee Field in Trinidad and Tobago form a single, cross-border field that lies along the maritime border of Venezuela and Trinidad and Tobago.
Chevron has a 34 percent interest in Petroindependencia, S.A., which is working to commercialize the Carabobo 3 Project. This heavy oil project is in three blocks within the Carabobo Area of the Orinoco Belt. Conceptual engineering for the potential development of the concession is under way.
Updated: April 2013
Cautionary Statement