Chevron Effectively Barred From Producing Oil in Venezuela
- U.S. further restricts company’s ability to drill, sell oil
- Access to world’s biggest oil reserves hanging in the balance
A pump jack stands at a PDVSA Petropiar facility in El Tigre, Venezuela.
Photographer: Bloomberg/BloombergThis article is for subscribers only.
Chevron Corp. will be forced to effectively wind down its operations in Venezuela, dealing the Maduro regime’s crumbling oil industry another blow as U.S. President Donald Trump maneuvers for regime change in the Latin American nation.
The U.S. Treasury Department will no longer allow the company to drill wells, sell and buy crude oil or oil products or transport them, according to the Office of Foreign Assets Control. Chevron is authorized to ensure the integrity of operations and assets in Venezuela through Dec. 1. The decision also affects four U.S. oilfield service providers: Halliburton Co., Schlumberger Ltd., Baker Hughes Co. and Weatherford International Plc.