Venezuela had the world’s largest proven oil reserves, with more than 300 billion barrels. Most of its oil was extra-heavy crude that was technically and economically challenging to produce. Therefore, Venezuela’s government invited foreign oil companies to take part in oil exploration and production. Chevron Corp. (Chevron) had operated in Venezuela since 1923, and before the US government started to sanction Venezuela in 2019, Chevron was one of the largest American importers of Venezuelan crude oil. When the sanctions came into effect, Chevron was only able to continue its activities with state-owned oil and gas company Petroleos de Venezuela S.A. (PDVSA) and its joint ventures because of repeated temporary waivers of the sanctions from the US authorities. The evolving political situation, and the trade war that began in 2025, in which the US imposed a 25 per cent tariff on goods originating from Venezuela’s oil, pressured Chevron to reassess its presence in Venezuela. Should it close its operations in Venezuela or look for an alternative solution in the hope that the relationship between the US and Venezuelan governments would improve?
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