From Yahoo Finance: 2025-05-15 12:59:00

U.S. oil producer Chevron and European companies are seeking authorization from the Trump administration to maintain their stakes in joint ventures with Venezuela’s PDVSA, despite U.S. sanctions. PDVSA has only been delivering oil to prepaying customers, causing uncertainty. The U.S. revoked licenses in March, leading to requests for new licenses to preserve operations in Venezuela.

Chevron is the last U.S. oil company in Venezuela, with significant operations in joint ventures with PDVSA. Chevron has taken steps to reduce operations due to PDVSA’s cargo cancellations and production suspensions. About 300 contractors are linked to Chevron’s projects, accounting for a quarter of Venezuela’s oil output. Chevron is lobbying the U.S. to maintain a presence in Venezuela for energy security.

The U.S. government granted Chevron a broad license in 2022, allowing the company to recover $3 billion owed by PDVSA. However, some dividend payments are still pending. President Maduro’s regime strongly opposes U.S. sanctions, viewing them as an “economic war.” Experts predict a significant decline in Venezuela’s oil output if licenses are canceled without an alternative.



Read more at Yahoo Finance: Chevron, European firms lobby to keep stakes in Venezuela oil joint ventures