Chevron has emerged as the only foreign oil company still operating in Venezuela, following renewed U.S. sanctions targeting the country's oil tankers. Despite Washington’s full embargo and the cancellation of most operating licenses earlier in 2025, the U.S. energy giant continues production under a special exemption. Chevron operates four oil fields and one offshore gas field in partnership with state-owned PDVSA, employing about 3,000 people.

Venezuela, home to the world’s largest proven oil reserves—around 303 billion barrels—has seen its daily output fall to 800,000–900,000 barrels, down from over 3 million a decade ago. Chevron contributes roughly 10% of current production, exporting 150,000–200,000 barrels daily to the U.S. Analysts note that the heavy, sulfur-rich crude is difficult to refine but strategically important for U.S. Gulf refineries.

Experts suggest Chevron’s continued presence reflects Washington’s geopolitical strategy to prevent China or Russia from filling the vacuum in Venezuela’s energy sector. The company insists its operations comply with U.S. law and contribute to regional stability and energy security.