Its role Owner
Petroindependencia, S.A. is a Venezuelan joint venture company focused on the exploration and production of extra-heavy crude oil in the Orinoco Oil Belt.
The company operates the Carabobo 3 project, which includes blocks such as Carabobo-2 Sur, Carabobo-3 Norte, and Carabobo-5, located primarily in the states of Anzoátegui and Monagas. Its main activities encompass drilling, extraction, processing, transportation, and commercialization of hydrocarbons.
Products include extra-heavy crude oil, which is a key resource for Venezuela's energy sector. The joint venture was established in 2010 as part of efforts to develop the country's vast heavy oil reserves through partnerships between the state-owned Petróleos de Venezuela, S.A. (PDVSA) and international companies.
Ownership structure features PDVSA as the majority partner, with Chevron holding a significant stake that was increased to 49% through a 2026 asset swap agreement, alongside smaller interests held by Japan Carabobo and Suelopetrol. Headquartered in Caracas, the company contributes to Venezuela's oil production and is one of several mixed companies (empresas mixtas) playing a vital role in the national petroleum industry.
As a key player in the Orinoco Belt, which holds the world's largest reserves of extra-heavy oil, Petroindependencia supports efforts to boost output and leverage existing infrastructure for efficient development.
Also known as Petro Independencia.
chemXplore tracks 1 project involving Petroindependencia, of which one is active.
Updated JV terms and added Orinoco acreage underpin plans to invest $7bn+, more than double output to ~600,000 b/d at under $20/boe over five years.
active all projects
