Chevron maintains its shareholder participation in four joint ventures with PDVSA. Photo: Chevron.
Guacamaya, May 28, 2025. Chevron has already terminated all its contracts for oil production, services, and procurement for Venezuela upon the expiration of its license from the U.S. government to operate in the country, as reported by Reuters.
The energy giant, however, plans to maintain its direct employees in the country, as it already did during the “maximum pressure” sanctions between 2019 and 2022. These would primarily be office staff, such as those located in Caracas and Puerto La Cruz.
According to Bloomberg, the Trump administration has already granted a new license for minimum maintenance and security of its facilities in Venezuela. The U.S. corporation will continue to own shareholder stakes in four joint ventures with PDVSA, which produced an average of 245,000 barrels per day in March.
General License 41 and its extensions finally expired on May 27. These allowed Chevron to directly resume its operations in Venezuela, within a special framework to recover part of PDVSA’s debts.
On Wednesday, Reuters also reported that other companies with licenses from the U.S. government, such as Vitol and Maurel et Prom, had already completed their transactions and loading processes for petroleum products.
