Chevron Corporation (NYSE: CVX) today announced agreements with Venezuela that establish updated terms for its joint ventures, supporting future investment, project development and production growth in the country. As part of the agreements, Chevron has been assigned additional acreage in the Orinoco Belt, where the company has an established position.

Chevron is one of the leading energy companies in Venezuela, with a presence that dates back to 1923. Its joint ventures Petroindependencia and Petropiar, S.A. operate extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan, S.A. is located in the Zulia State in Western Venezuela.