Neither Exxon nor ConocoPhillips: the only US oil company that has an exception to extract ‘black gold’ from Venezuela
Trump's exception for Chevron contrasts with the embargo that has been in place since 2019 for the rest of the foreign companies.
Chevron is the only foreign company permitted to extract Venezuelan oil. This privilege, maintained even under the severe sanctions imposed by Washington since 2019, makes Chevron an exceptional case amid the ongoing crisis between the two countries, which reached a peak this Saturday with a U.S. military attack and the arrest of President Nicolás Maduro.
Chevron’s presence in Venezuela dates back to 1923, when Gulf Oil, one of its predecessors, entered the country. The company began extracting oil near Lake Maracaibo in 1924 and later expanded operations to other fields such as Urumaco and Boscan. Gulf Oil merged with Standard Oil of California in 1984 to form Chevron.
Today, Chevron operates four oil fields and one offshore gas field, covering roughly 30,000 hectares. It works in partnership with the state-owned oil company PDVSA and its subsidiaries and employs approximately 3,000 people.
The embargo on Venezuelan oil began in 2019. It was temporarily eased in 2023 through special licences, but President Donald Trump revoked them in the first half of 2025. Chevron, however, received an exception that allows it to continue operating.
Venezuela’s total oil production currently hovers between 800,000 and 900,000 barrels per day, far below its peak of more than 3 million barrels per day. Chevron extracts between 150,000 and 200,000 barrels daily, roughly 10% of Venezuela’s total output. All of this oil is exported to the United States.
Venezuelan crude is heavy and viscous, making it difficult to transport and refine. Several refineries on the U.S. Gulf Coast, however, were specifically designed decades ago to process this type of crude.
According to the International Energy Agency, Venezuela holds reserves of 303 billion barrels, representing 17% of the world’s total reserves. This makes the country the owner of the largest oil reserves on the planet.
Chevron has defended its continued presence in Venezuela, arguing that it serves as “a stabilising force for the local economy, the region, and U.S. energy security.” The company emphasises that it operates in full compliance with U.S. law and the sanctions framework.
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However, following Saturday’s events and Trump’s announcement that he intends to compel major U.S. oil companies to “enter Venezuela,” Chevron’s outlook could change dramatically.
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