Chevron has been exporting some 240,000 barrels of Venezuelan crude to the United States daily thanks to the waiver. The amount constitutes a quarter of the country’s total oil production and generates substantial revenues that stay in the Venezuelan economy, Bloomberg reported earlier this week, arguing Chevron’s presence was critical for that economy. These revenues are running at some $6 billion.
Venezuelan oil contractors are continuing their work with Chevron Corp. and have not been warned of an impending shutdown despite a U.S. government deadline to stop producing oil there by early April.
Custos Energy announced completion of the previously announced farm-in by Chevron Namibia Exploration II Limited, a subsidiary of Chevron Corporation, into Petroleum Exploration License 82 (PEL 82). The transaction provides for an 80% participating interest and operatorship for Chevron, with each of Custos and the National Petroleum Company of Namibia (NAMCOR) retaining 10% interests.
New terminal construction, a sure bet in the pre-Covid 19 era, is now plagued with uncertainty after exports of U.S. crude in 2024 expanded at the slowest outside the pandemic years.
Chevron is the only major oil producer with a waiver from the US government to operate in Venezuela despite sanctions against President Nicolás Maduro’s regime. The company produces about 20% of Venezuela’s oil and helped boost exports to a five-year high in 2024, nearing Maduro’s goal of 1 million barrels per day.
According to Secretary of State Marco Rubio and other foreign-policy hawks, Chevron has been providing a financial lifeline for Maduro’s regime to enrich itself and suppress civil rights.
Chevron and Engine No. 1 have announced a new partnership to develop scalable, reliable power solutions for U.S.-based data centers running on U.S. natural gas. Early actions of the Trump Administration are setting the critical foundation to encourage investment leveraging America’s energy abundance to enable America’s AI leadership.
Woodside Energy Group Ltd. and Chevron Australia Pty. Ltd., an indirect subsidiary of Chevron Corp., have entered an agreement to swap assets including the Wheatstone and North West Shelf (NWS) gas projects in Western Australia.
QatarEnergy has agreed with Harmattan Energy Limited (HEL), an indirect subsidiary of Chevron Corporation, to acquire a working interest in Block 2813B offshore Namibia, QatarEnergy announced on Sunday.
Chevron will reduce capital expenditures in the Permian basin to between $4.5 billion and $5 billion in 2025, a drop of as much as 10%, the company said in a statement Thursday. Globally, the oil explorer expects to spend about $17 billion compared to $19 billion this year in the first budget cut since 2021.