Chevron Corporation’s CVX operations in Venezuela have hit a major roadblock as state-owned oil firm PDVSA abruptly canceled export authorizations for several of its vessels due to payment uncertainty amid the hardening of U.S. sanctions on the OPEC-member country. This move has left at least two tankers loaded with Venezuelan crude stranded at the port. In contrast, four others were forced to depart empty, indicating a significant intensification in the U.S.-Venezuela energy standoff.
The turmoil follows the Trump administration’s recent decision to revoke Chevron’s license to operate in Venezuela. Although the license was set to expire with a wind-down period ending May 27, PDVSA has begun enforcing restrictions ahead of schedule. These actions have derailed the company’s plans to export oil, even for cargoes that were already loaded and awaiting departure.
Two Chevron-chartered tankers, named Dubai Attraction and Carina Voyage, remained idle in Venezuelan waters, pending authorization to return their cargoes. These shipments had been formally declared to Venezuela’s customs authority, and now require new clearance to be unloaded or rerouted. Meanwhile, four other Chevron vessels — Pegasus Star, Ionic Anax, Calypso and Sea Jaguar — were denied loading access altogether.
Carina Voyager was en route to Chevron's Pascagoula refinery in Mississippi, while Dubai Attraction was slated to transfer its cargo to the Valero Energy-chartered tanker, Cap Corpus Christi, near Aruba. However, the Cap Corpus Christi departed for the United States on Friday only partially loaded, as it was unable to complete the ship-to-ship transfer.
The Venezuelan vice president placed the blame entirely on U.S. sanctions. In a Telegram post, the nation cited that Chevron, currently carrying a Zacks Rank #3 (Hold), was not able to pay PDVSA due to the U.S.-driven economic war, thus prompting the return of crude shipments. The shipments are now being rerouted to other international markets, suggesting Venezuela’s intention to gain some alternative buyers.
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Chevron’s joint ventures in Venezuela produce roughly 25% of the country’s total oil output, which reached an average of 250,000 barrels per day to the United States in early 2025. The sudden halt in its exports not only jeopardizes this flow but also threatens to deepen Venezuela’s economic and political isolation.
U.S. sanctions had earlier stifled Venezuela’s crude trade with China due to the imposition of a 25% secondary tariff on any country that traded with the United States. However, Reuters reports indicate that shipments to China have resumed, although slowly and cautiously.
The recent moves also affect other major energy companies. Licenses previously granted to Shell plc SHEL and BP p.l.c. BP have also been revoked, disrupting planned offshore gas projects and a license for French oil firm Maurel & Prom to operate in Venezuela. European firms such as Eni S.p.A. E and Repsol, S.A. REPYY are no longer allowed to receive oil from Venezuelan state oil firm PDVSA in lieu of payments. The Trump administration’s broader objective appears to be pressuring president Nicolás Maduro by tightening control over Venezuela’s largest revenue source — its vast crude reserves.
SHEL, a London-based oil supermajor and BP, an integrated energy company, had plans to send gas to Trinidad and Tobago through a natural gas project that operated offshore Venezuela. However, the U.S. sanctions gave a major blow to the plans of SHEL and BP.
Both BP and SHEL have been hit hard by the withdrawal of the licenses for two gas fields in Venezuelan waters that they plan to develop with Trinidad and Tobago and its National Gas Company.
In March 2024, REPYY and E also received a notification from the U.S. authorities regarding their revocation of oil licenses for operations in Venezuela.
Repsol SA explores, develops and produces crude oil products and natural gas, and transports petroleum products and liquefied petroleum gas.
Italy-based Eni SpA is among the leading integrated energy players in the world. The upstream operations include the exploitation and production of oil and natural gas resources.
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