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
17 June 2025
Israel’s attack on Iran caught oil firms with low inventories due to their efforts to protect themselves from falling prices, creating a perfect storm
17 June 2025
Sound development planning is essential in this diverse and rapidly evolving region
16 June 2025
The launch of the much-needed yet oft-delayed Africa Energy Bank remains shrouded in questions and funding constraints, but its potential is clear
16 June 2025
BP and partners have reached a $2.9b FID on a new phase at Shah Deniz, but slow progress on other gas projects is attributed to a lack of European support