Project Profile
Location: Close to the estuary of the Orinoco River, eastern offshore Venezuela
Blocks: 2 & 3
Reserves: 7 trillion cubic feet of proven gas reserves
Chevron Corp. secured Venezuela\'s approval to develop natural gas from an ambitious offshore project. A decree published allowed Chevron to extract and sell natural gas from Block 2 of the Plataforma Deltana gas project, which has 7 trillion cubic feet of proven gas reserves. Chevron controls Blocks 2 and 3 in the Deltana project through a joint venture with the natural gas branch of state oil company Petroleos de Venezuela S.A., or PdVSA. Chevron has a 39% stake in the project. The Deltana Block 2 was originally assigned to ConocoPhilips, which in 2010 returned its shares in exploration and exploitation rights to PdVSA. Plataforma Deltana is an extensive offshore area close to the estuary of the Orinoco River, in eastern Venezuela.
Operators:
Petroleos de Venezuela S.A. (PdVSA): Operator with 61% interest
Chevron Corp.: 39% interest