Chevron's relationship with Venezuela began in the early 1920s when we began exploring for oil in the country. In 1946, the giant Boscan oil field was discovered onshore, 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 operatorship of the same field. In 2006, under a new contract, operatorship of Boscan was changed to Petroboscan, a joint stock company in which Chevron holds a 39.2 percent interest.
That same year, Chevron established the headquarters of 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 was changed to Petroindependiente, a joint venture company in which Chevron holds a 25.2 percent interest.
The Hamaca joint venture, now Petropiar, was formed in 1997 to extract and upgrade 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. There, Chevron participates with Venezuela's first liquefied natural gas train, which is expected to make Venezuela into one of the most important suppliers of natural gas in Latin America.
Economy
Chevron and our 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 best practices to the Venezuelan oil industry. We also offer knowledge in the areas of offshore engineering design and heavy-oil production and upgrading.
Updated: May 2009