Project
PetroPiar
ActiveOrinoco BeltChevron
Extra-heavy oil project in the Orinoco Belt with blending and export relevance.
Last updated
Mar 16, 2026
Confidence
Medium
Sources
6
Type
Field
Production estimate
112 kb/d
Dec 1, 2025
Export route
José Terminal
Export Route
Ownership split
Chevron — 30%
PDVSA — 70%
Regulatory status
2 active items
Infra dependencies
2
linked assets
Overview
Operational summary
Extra-heavy oil project in the Orinoco Belt with blending and export relevance.
Production
Recent production points
| Date | Value | Unit | Confidence | Notes |
|---|---|---|---|---|
| Dec 1, 2025 | 112 | kb/d | Medium | — |
| Nov 1, 2025 | 110 | kb/d | Medium | — |
| Oct 1, 2025 | 108 | kb/d | Medium | — |
Infrastructure
Linked assets
| Asset | Type | Link | Status | Capacity |
|---|---|---|---|---|
| José Terminal | Terminal | Export Route | Active | 1,000 kb/d |
| PetroPiar Upgrader | Upgrader | Processing | Active | 210 kb/d |
Regulation
Regulatory exposure
| Instrument | Type | Date | Impact | Status |
|---|---|---|---|---|
| OFAC General License – Venezuela Operations | License | Nov 15, 2025 | Operations subject to current license conditions. | Operations |
| OFAC General License – Venezuela Operations | License | Nov 15, 2025 | Operations subject to current license conditions. | Operations |
Weekly signals
Recent linked signals
InvestmentApr 18, 2026
Chevron asset swap with PDVSA
Chevron agreed an asset swap with PDVSA to increase its stake in Petroindependencia to 49% and consolidate its position in Venezuela’s heavy oil projects, while exiting selected gas assets.
SanctionsDec 15, 2025
License framework remains key for PetroPiar
Regulatory permissions remain central to operating continuity.
ExportsDec 8, 2025
PetroPiar export flows hold steady
Export-linked operations remained stable in the latest observed period.
Sources
Source documents
Supporting Source—
Chevron · Press Release
Chevron. Chevron filing. undated. https://www.chevron.com/newsroom/2026/q2/chevron-consolidates-venezuela-heavy-oil-position-in-asset-swap?utm_source=twitter&utm_medium=social&utm_campaign=&utm_content=54833209
Primary SourceDec 1, 2025
Chevron · Company Update
Chevron operational note on PetroPiar (seed)
Primary SourceDec 1, 2025
Chevron · Company Update
Chevron operational note on PetroPiar (seed)
Regulatory TextNov 15, 2025
Regulatory TextNov 15, 2025
Facts
Project facts
- Basin
- Orinoco Belt
- Operator
- Chevron
- Jurisdiction
- Venezuela
- Project type
- Field
- Ownership
- Chevron — 30% PDVSA — 70%
Linked entities
Context rail
Participants
Chevron
PDVSA
Infrastructure
José Terminal
PetroPiar Upgrader
Basin
Orinoco Belt
Regulatory snapshot
Current exposure
- Active constraints
- 2
- Latest instrument
- OFAC General License – Venezuela Operations
- Exposure level
- Linked
Recent change
Latest visible move
- Last signal
- Chevron asset swap with PDVSA
- Last data update
- Mar 16, 2026
- Latest production point
- 112 kb/d · Dec 1, 2025