US EditionChevron Doubles Down on Venezuela as U.S. Pressure and Production Risks Mount
Chevron operates 30,000 hectares in partnership with PDVSA, producing 10% of Venezuela's oil exclusively for US export under tightened sanctions and a new tanker blockade.
- Last week, Washington imposed a total tanker blockade, putting Chevron, the US oil company, back in the spotlight as Venezuela's sole foreign oil producer.
- US embargo, in place since 2019, was relaxed with licenses issued in 2023 but largely revoked in early 2025, influenced by refinery needs.
- Production data show Venezuela's output has fallen to around 800,000 to 900,000 barrels per day, with Chevron producing roughly 10 percent from four fields across nearly 30,000 hectares employing around 3,000 people.
- Experts warn that the US tanker blockade could cut illicit Venezuelan exports by up to 50 percent, Stephen Schork said `United States does not need this oil`, and a source close to the matter said policymakers want to prevent China and Russia from filling the vacuum.
- According to the International Energy Agency , Venezuelan territory holds around 303 billion barrels, about 17 percent of world reserves, while Caracas sells discounted oil mainly to Asia and Chevron says its presence 'continues to be a stabilizing force' within US sanctions.
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49 Articles
InsideNoVA.com
Chevron: the only foreign oil company left in Venezuela
The US oil company Chevron is walking a tightrope amid tensions between Washington and Caracas to retain its fragile position as the only foreign company allowed to exploit Venezuela's oil reserves —- the largest in the world.
Chevron Doubles Down on Venezuela as U.S. Pressure and Production Risks Mount
In mid-August, Chevron dispatched the first two crude oil cargoes from Venezuela since the start of the year. The company had secured a sanction waiver from the Biden administration, but President Trump canceled that—temporarily. Since then, Chevron has had to contend with political uncertainty and, lately, the prospect of a hot war between the U.S. and Venezuela. But it is not leaving. Chevron previously produced up to 240,000 barrels per day t…
The Venezuelan president emphasized the guarantee of the Constitution and the law for investors, citing compliance with Chevron, while PDVSA reported remarkable productive growth and refining capacity in 2025.
The only foreigner exploiting Venezuelan oil, Chevron escapes the Washington-Caracas Admin FCE arm 24 Dec 2025 - 05:03 The American oil group Chevron plays the balance, on the margins of the tensions between Washington and Caracas, to preserve its privilege of being the only foreign group to be able to exploit Venezuela's most important black gold reserves in the world.The "total block" of oil ships, which came in addition last week to the heavy…
Nicolás Maduro warned the U.S. that contracts with the U.S. company Chevron will be fulfilled «rain, thunder or lightning», one day after his regime announced the departure of a ship from the company loaded with oil. «We are serious people, when we sign a contract, according to the Constitution and the law, that [...]
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