The American company has increased exports as it takes on larger volumes from the Petroboscan project, a joint venture with the state-owned Petróleos de Venezuela (PDVSA).
Chevron deployed its largest fleet of ships in almost a year to transport Venezuelan crude oil to US refineries, in a scenario marked by Washington's control over Venezuela's energy sector following the capture of the narco-dictator Nicolás Maduro.
The operation comes as several companies seek licenses to do business with the South American country under new rules established by the Trump administration.
According to data published by Bloomberg, Chevron sent 15 ships this month to transport at least 200,000 barrels per day of Venezuelan crude oil, a volume that represents the largest movement since March and far exceeds the nine ships dispatched the previous month.
This expansion coincides with the disappearance of the so-called "dark fleet," which operated outside of formal controls and was forced to leave the market after the United States implemented drastic measures against illicit oil trade following Maduro's overthrow.
The American company, which operates in Venezuela under a special license that exempts it from the general sanctions imposed on the local oil industry, has increased exports as it takes on larger volumes from the Petroboscan project, a joint venture with the state-owned Petróleos de Venezuela (PDVSA).
According to Bloomberg, Boscan crude shipments represent approximately half of the total sent by Chevron, and all production is destined for US refineries such as Valero Energy and Phillips 66.
The increase in shipments also reflects Washington's intention to exert direct and prolonged control over Venezuelan oil sales. To this end, the US government has brought in large trading companies such as Trafigura and Vitol, with the aim of channeling up to 50 million barrels of crude oil in operations supervised by the US Treasury. Chevron assured Bloomberg that it fully complies with all applicable sanctions and regulations. According to Reuters, the White House has already completed the first sales of Venezuelan crude oil as part of a $2 billion agreement between Caracas and Washington, and more deals are expected to be finalized in the coming weeks.
Chevron, Vitol, and Trafigura are currently competing for agreements to export Venezuelan oil under U.S. supervision, with the U.S. having declared its intention to maintain control over these sales indefinitely.
The renewed interest in Venezuelan crude oil comes after Maduro's departure and Delcy Rodríguez's assumption of power. Chevron's shares have risen by nearly 9% since the political change.
President Donald Trump, during a meeting with industry executives at the White House, urged them to invest up to $100 billion to revitalize the country's oil infrastructure and increase production.
Chevron's and other companies' investments in Venezuela are contingent on the evolution of U.S. policy and the stability of the new post-Maduro environment, as well as the ability of the new authorities to guarantee a safe and transparent operating environment. For now, the deployment of Chevron's fleet and the volume of crude oil being moved represent a substantial shift in the global energy landscape and in economic relations between Caracas and Washington.
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