Chevron's relationship with Venezuela started in the early 1920s, when the company began exploring for oil in the country. In 1946, the giant Boscan oil field was discovered west of Lake Maracaibo, in the state of Zulia. Following the nationalization of the Venezuelan oil industry in the mid-1970s, Chevron returned to Venezuela in 1996 to assume operation of the same field. In 2006, under a new contract, operatorship of Boscan shifted to Petroboscan, a joint-venture company in which Chevron holds a 39.2 percent interest.
That same year, Chevron headquartered its Latin American operations in Caracas. In 1997, Chevron was named the operator of the LL-652 Field, an offshore field in the northeast portion of Lake Maracaibo. In 2006, under a new contract, operatorship of LL-652 shifted to Petroindependiente, a joint-venture company in which Chevron holds a 25.2 percent interest.
In 1997, Chevron partnered with Petróleos de Venezuela, S.A. (PDVSA) to develop the Hamaca Field, currently known as the Ayacucho Field. Under a 2007 contract, Petropiar became the operator. Chevron has a 30 percent interest in Petropiar, a joint venture with PDVSA. The project extracts and upgrades extra-heavy crude oil from the Orinoco Belt, the world's largest known hydrocarbon deposit, in eastern Venezuela.
Chevron also has made several significant natural gas discoveries in Plataforma Deltana Blocks 2 and 3. Plataforma Deltana is an extensive offshore area close to the estuary of the Orinoco River, in eastern Venezuela.
Economy
Chevron and its partners have made significant capital investments in Venezuela, developing the national workforce and promoting the use of local resources.
Petropiar's crude oil upgrader and upstream facilities employed about 12,000 people during peak construction. The project will require an estimated 1,000 employees during its anticipated 34 years of operation.
Chevron makes important technological contributions by bringing our most effective methods to the Venezuelan oil industry. We also share knowledge in the areas of offshore engineering design and heavy-oil production and upgrading.
Updated: March 2011