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The Last U.S. Oil Major In Venezuela

Politics, Geopolitics & Conflict

- Chevron may have to leave Venezuela after a century in the South American country’s oil industry to avoid violating U.S. sanctions against Caracas. The supermajor received a sanction waiver from Washington early this year but it was a temporary one, in effect for six months to July 27. Others that received waivers, including all the oilfield services majors, have already left the country.

- At the moment, Chevron produces some 40,000 bpd in Venezuela from five onshore and offshore sites and is one of a handful of foreign companies still present in the country’s oil industry along with Russia’s Rosneft and French Total. Once it leaves, Venezuela may be forced to nationalize whatever oil assets remain private.

- While Chevron’s exit from Venezuela will certainly be bad news for Caracas, which desperately needs to pump more oil, it will also be bad news for Chevron as well: the company has spent billions in its Venezuelan business and if it has to up and leave, this will be money wasted. There have been reports the supermajor had applied for a waiver extension but the company has not confirmed the information.

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