What did Suelopetrol state regarding Chevron's reported expansion to a 49% stake in the Venezuela joint venture?

Suelopetrol stated that it has received no notice of a shareholders meeting or resolution authorizing U.S. Chevron to increase its stake at the key Venezuela project to 49%, according to a release from Suelopetrol's international arm.

What ownership rights and conditions does Suelopetrol currently hold in the Venezuela Orinoco Belt project, per the 2024 joint venture extension?

According to the terms of a 2024 extension of the joint venture, Suelopetrol owns 1% of the project and could expand its stake to up to 3% if the structure changes; the company also asserted its entitlement to a complete account of any share transfer and disclosure of current shareholding in the project.

Suelopetrol has not been notified of Chevron's expansion at Venezuela joint venture, company says

Apr 14, 2026

Venezuelan oil producer Suelopetrol states it received no notice regarding Chevron's plan to increase its stake to 49% in their Venezuela joint venture. Suelopetrol demands full disclosure of the share transfer and current ownership structure in the Orinoco Belt project.

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