Chevron in Venezuela
Chevron gets back to work in Venezuela
But Washington’s apparent detente with Caracas is unlikely to bolster global crude supplies significantly any time soon
Chevron and Venezuela’s state-owned Pdvsa have signed fresh contracts for their joint operations, shortly after the US Treasury Department’s Office of Foreign Assets Control (Ofac) granted the US firm a licence authorising some activities in the sanctioned South American country. Venezuelan petroleum minister Tareck el-Aissami and Javier la Rosa, president of Chevron Venezuela, signed agreements in Caracas in late November “for the continuation of the operations and production activities” of Chevron in Venezuela, state-owned TV channel VTV reported. Chevron, meanwhile, confirms Ofac has granted it a licence that “authorises the production and lifting of petroleum or petroleum products produc
Also in this section
21 March 2025
Two recent developments raise the prospect of a revival in northern Iraqi oil and gas fortunes, but familiar obstacles could thwart momentum
20 March 2025
As cash-strapped Western governments commit to substantially raising defence expenditure, a similar dynamic is playing out in Saudi Arabia’s oil and gas sector, as Saudi Aramco maintains it heavy capex push despite reduced revenues
20 March 2025
Tariffs, sanctions and trade conflicts are upending the oil market, impacting crude differentials and shipping rates and creating uncertainty
20 March 2025
While advanced economies debate peak fossil fuel demand, billions of people still lack access to reliable and affordable energy, especially in the Global South
