Venezuelan Vice President Delcy RodrĂguez inaugurates Expo Fedeindustria 2025. Photo: Telegram/PDVSA.
The Venezuelan oil sector is fully producing despite the Trump administration’s revocation of Office of Foreign Assets Contol (OFAC) licenses granted earlier to foreign oil corporations to operate in Venezuela.
“I want to announce that, despite the revocation of US licenses for transnational oil companies operating in the country on May 27, the Petroboscan, Petropiar, Petroindependencia, Petrojunin, Petrosucre, Petroquiriquire, Petroregional del Lago and CardĂłn IV oil fields are in full production,” said the vice president of Venezuela, Delcy RodrĂguez, on Thursday, May 29, at the inauguration of the Expo Fedeindustria 2025.
She emphasized that these fields are jointly operated by the Venezuelan state-owned oil corporation PetrĂłleos de Venezuela (PDVSA) and multinational companies such as Chevron (USA), Eni (Italy), Repsol (Spain), Maurel & Prom (France), and others.
VP RodrĂguez explained that Venezuela does not recognize the revocation of licenses that prohibit international oil companies to operate in the country. “If [PDVSA’s] partners are not there, our workers will be there, working and executing a production plan designed by President Nicolás Maduro to keep the production at the levels required by the Venezuelan economy,” she said.
In this sense, she reiterated that PDVSA maintains its production plan in spite of the unilateral coercive measures imposed by the United States, and currently that the national crude oil production remains at one million barrels per day.
On May 27, 2025, the OFAC license granted by the United States to Chevron to operate in Venezuela expired. Previously, in February, US President Donald Trump terminated the oil agreement with Venezuela that his predecessor, Joe Biden, had signed. Trump argued that Venezuela allegedly failed to comply with the electoral conditions set out in the agreement.
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Days later, the US Office of Foreign Assets Control officially revoked General License 41, which had allowed Chevron to operate in Venezuela, and gave the company 30 days to liquidate operations.
This license, granted by the Biden administration in November 2022, authorized Chevron and its subsidiaries to resume limited oil exploration and production activities after the start of the dialogue between the Venezuelan government and the far-right opposition, in Mexico.
On Thursday, during the inauguration of the Expo, the Venezuelan vice president highlighted the organization Fedeindustria’s willingness to be part of the 7 Transformations Plan of the Venezuelan government.
RodrĂguez also took the opportunity to celebrate the electoral victory of last May 25, highlighting that “fascism was kept outside.”
She emphasized the strength of the Venezuelan economy, which, in spite of the “siege of sanctions,” maintains a persistent consumption, even of luxury goods such as Wagyu beef. The economy is recovering progressively, with the country experiencing 16 consecutive quarters of economic growth.
(Telesur)
Translation: Orinoco Tribune
OT/SC/DZ
