US EditionVenezuela Ramps Ups Taxes on Private Sector as Chevron Oil Exit Bites ...
- In February 2025, the Trump administration announced the termination of Chevron's authorization to conduct oil production activities in Venezuela, which took effect on April 3, 2025, leading to the company's withdrawal from the country.
- The revocation followed longstanding US sanctions that began in 2019 and the US government's refusal to extend operational waivers for Chevron and US service providers.
- In response, Venezuela's state oil firm PDVSA signed nine new 20-year contracts with foreign companies, including two Chinese firms, granting operational control and exclusive sales rights over oil blocks.
- These contracts, authorized under President Maduro's anti-blockade law, project $20 billion in investments aiming to produce 600,000 barrels per day, while bypassing the National Assembly's approval and reversing Chavez's nationalization policies.
- This strategy intends to offset Western firms’ exits, sustain Venezuela’s oil production, and maintain foreign currency inflows despite US sanctions that have caused a 200,000–500,000 bpd shortfall in heavy crude supply to US refiners.
11 Articles
11 Articles
In a strategic turnaround before the departure of Chevron and other Western multinationals from the country, Petróleos de Venezuela S.A. (PDVSA) has signed at least nine agreements with foreign companies, which will now have operational and commercial control over oil blocks.The entry PDVSA signs agreements with smaller foreign oil companies after leaving Chevron #6Jun was first published in El Impulso.
Pdvsa signed “at least nine new agreements with foreign service providers, including two Chinese companies,” the Bloomberg agency revealed on Thursday, June 5, which states that these new partnerships are taking place within the framework of the national government’s efforts to maintain the flow of dollars, now that Chevron’s operations have been paralysed. [...]
Repsol assumes that the revocation of the US license to operate in Venezuela will result in a decrease in its oil production, unless the political situation in the region gives a turn of 180 degrees. The company, however, believes that the offer additions of the group of oil exporting countries OPEP+ should be of help in this regard. Antonio Lorenzo, CFO of Repsol, expressed in these terms last Tuesday in the 2025 edition of the Global Conferenc…
Coverage Details
Bias Distribution
- 67% of the sources are Center
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
