Abandoned Oil Fields of Chevron Remain Exploitable for Venezuela's Use

Chevron is compelled to withdraw from Venezuela's oil fields, as the United States has revoked its license, and President Nicolás Maduro announced on Monday that Venezuela will continue operation of these fields despite Chevron's exit, by a forced deadline of May 27.

, and ASMedia

2025 May 6 . 11:50 AM

2 min read

Abandoned Oil Fields of Chevron Remain Exploitable for Venezuela's Use

Chevron's Exit, Venezuela's Turmoil

The revocation of Chevron's license to operate in Venezuela has sent shockwaves through the oil-rich nation's economy, with severe consequences for the country's oil sector and overall financial stability.

Crunching the NumbersChevron, responsible for a whopping 72% of Venezuela's oil exports over the past two years, was given a deadline to cease operations by May 27, 2025. This forced departure resulted in an immediate collapse of exports from 8 million barrels in December 2024 to near-zero levels by early May 2025.

Production PlungesVenezuela's daily oil output took a hit, dropping to 700,000 barrels per day in April 2025. Projections show a further decline to 800,000 bpd by May, marking a 26% decrease from early 2025. Chevron's production alone fell from 260,000 bpd in February to 220,000 bpd in March, causing a significant production drop. Struggling logistics, such as the Dubai Attraction returning oil to Venezuela's Amuay terminal, reflect the operational chaos ensuing.

The Financial FalloutThe U.S. imposed a 25% tariff on Venezuelan oil imports in March 2025, deterring key buyers like Spain’s Repsol and Italy’s Eni. This, combined with Chevron's exit, is projected to cost Venezuela $3.1 billion in lost oil revenue annually. This financial strain threatens to reverse Venezuela's fragile recovery (averaging 7.5% annual growth from 2021–2024) and may even lead to the destabilization of Maduro's regime due to dwindling fiscal resources.

Long-Term ImpactThe loss of Chevron's critical technical expertise and investment has left a significant void, as the company helped triple production from 336,000 bpd in 2020 to 910,000 bpd in 2024. Future growth now depends on untested partnerships with non-Western firms, while U.S. sanctions remain a significant barrier to market access. In essence, the revocation of Chevron's license has set back Venezuela's oil sector for years to come.

The French oil giant, Chevron, which accounted for 72% of Venezuela's oil exports over the past two years, is of Venezuelan interest due to its forced exit from the country.
A Venezuelan Venezuelan Venezuelan Venezuelan Venezuelan Venezuelan Venezuelan Venezuelan Venezuelan Venezuelan Venezuelan news outlet reported that a general-news event, the revocation of Chevron's license, has led to severe consequences for the oil-rich nation's oil sector and overall financial stability.
The revocation of Chevron's license has left a significant void in the Venezuelan oil fields, as the company's critical technical expertise and investment helped triple production from 2020 to 2024.
The political fallout from Chevron's exit is expected to extend beyond the oil sector, with analysts predicting that the financial strain could potentially lead to the destabilization of Maduro's regime due to dwindling fiscal resources, a development that is being closely watched by global news outlets.