US EditionUS Government Will Not Renew Chevron’s Venezuela Oil Licence
- Chevron ended its oil production contracts in Venezuela on May 27, 2025, as its license to operate expired.
- The U.S. Government under the Biden administration revoked authorizations that allowed Chevron and others to receive Venezuelan crude oil shipments.
- Chevron delegated joint-venture governance to the state company PDVSA but intends to retain its staff in Venezuela despite not operating oilfields.
- Analysts predict Venezuela’s oil output and exports could fall 15-30% by 2026 following the license expiration, while Chevron states it complies with all U.S. sanctions.
- The revocation aims to prevent payments to Maduro’s government, which rejects sanctions as an economic war, while PDVSA claims ongoing growth despite pressures.
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Chevron ends Venezuela contracts, but will keep staff in country: report
Chevron has terminated the oil production, service and procurement contracts it had to operate in Venezuela, delegating its joint-venture governance to its partner, state company PDVSA, but it plans to retain its direct staff in the country, four sources close to the decisions told Reuters.The State and Treasury departments had given companies such as Chevron, Maurel & Prom and Repsol until May 27 to receive cargoes of Venezuelan crude oil, fuel…
·United States
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