Chevron is leaving Venezuela, as the provisions of the General License 41B from the Office of Foreign Assets Control (OFAC) from the U.S. Department of Treasury dictate that the American oil company must cease operations by May 27, 2025. Chevron will adhere to this requirement.
A flurry of reports suggested that the Trump administration might grant a license allowing the company to conduct essential maintenance operations, but State Department spokesperson Tammy Bruce confirmed that this would not occur.
The U.S. official stated that the government would continue to deny any funding to the Nicolás Maduro regime that could be used to oppress the Venezuelan people. Thus, the strategy to isolate the Venezuelan dictatorship and hinder its means of survival is firmly in place.
Expiration of All Licenses
Tammy Bruce announced that President Donald Trump ordered Marco Rubio to allow all oil licenses from the Biden era that benefitted Nicolás Maduro to expire.
The State Department spokesperson indicated that the government would ensure no funds are transferred that could be managed by Maduro’s regime, leading to the expiration of all licenses permitting such actions.
She noted that the economic revenues Venezuela received from foreign energy companies with licenses to carry out oil and gas activities in the country are coming to an end due to the revocation of those permits.
The General License 41B, from the Venezuela Sanctions Regulation dated March 24, 2025, sets out the liquidation of certain transactions concerning Chevron Corporation’s joint ventures in Venezuela. This license replaces General License No. 41A, dated March 4, 2025.
Rumor Wave
For days, unofficial information circulated, insisting that the Trump administration allegedly expressed its intention to grant a new license to Chevron allowing only minimal or essential maintenance operations, without authorizing new investments or the export of Venezuelan crude oil, as previously noted.
However, officially, as of the date of this publication, only what was established in LG 41B and announced by Secretary of State Marco Rubio remains valid, who recently reaffirmed the cessation of operations for the U.S. oil company in Venezuela on May 27, 2025.
Technical Explanation
Specialized sources in oil matters explained to Venezuela Política that when oil wells are closed, this occurs under a shut down protocol, rendering them completely inactive.
Depending on the type of installation/subsurface completion and the specific conditions of each reservoir where Chevron operates, closed wells suffer damage, both in the producing formations and in the artificial lift systems (ALS).
Our sources add that the extent of these damages depends on the duration of inactivity. Thus, after the closure period, well restart protocols are followed, which will vary based on individual circumstances. Some wells can restart without issues, while others need intervention, meaning they require servicing to be brought back into production.
Sources from Venezuela Política emphasize that when a license for minimal operations is granted, it refers to the safety of facilities, personnel, nearby communities, and environmental protection.
However, they warn that it is technically impossible to perform maintenance on the wells, simply because this involves keeping drill operations, contractors, and all logistics and engineering active, which is not feasible due to the explicit prohibition by OFAC.
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