Chevron Agrees on Asset Swap in Venezuela to Focus on Heavy Oil Projects

The oil giant has secured a greater stake in the South American country’s vast Orinoco Belt, which sits atop the world’s largest reserves of extra-heavy crude.Venezuela’s state-owned oil platform in Orinoco, Venezuela, in this file photo. Ramon Sahmkow/AFP via Getty Images4/14/2026|Updated: 4/14/2026Chevron announced on April 13 that it had reached agreements with the Venezuelan government to expand its operations in the world’s largest extra-heavy crude oil field.The American energy giant inked two agreements to grow its presence in the South American nation’s Orinoco Belt, which overlies the largest proven reserves of extra-heavy crude oil on the planet.