Two Chevron-chartered Vessels Stalled in Venezuelan Waters

Two vessels carrying Venezuelan crude oil chartered by Chevron are currently stuck in Venezuelan waters due to actions taken by the state oil company PDVSA. The vessels are in limbo after PDVSA canceled their export authorizations following the imposition of secondary tariffs on Venezuelan oil buyers by the United States.

Chevron, a major U.S. oil producer, is awaiting customs paperwork to return the cargoes to ports after PDVSA abruptly canceled set-sail authorizations to two of the Chevron-chartered vessels that had already completed loading. Additionally, PDVSA suspended a loading permit for a third tanker chartered by Chevron.

In March, Chevron was granted an individual license by the U.S. Treasury Department to operate in sanctioned Venezuela and ship Venezuelan crude cargoes to the United States until late May. However, PDVSA’s recent actions may cut short this deadline.

As of now, the Chevron-chartered vessels Dubai Attraction and Carina Voyager remain loaded in Venezuelan waters, awaiting paperwork for the return of their cargoes. These cargoes had been declared as exports to Venezuela’s customs authority, so Chevron must now obtain authorization for their return as instructed by PDVSA.

The Carina Voyager was en route to Chevron’s Pascagoula refinery in Mississippi, while the Dubai Attraction was scheduled to transfer its cargo to a Valero Energy-chartered vessel off Aruba. A third vessel, the Pegasus Star, had its loading window suspended this week.

Chevron, PDVSA, and Valero have not responded to requests for comments on the situation. It remains unclear if PDVSA will reschedule the cargoes affected by their actions.

Chevron, through its joint ventures with PDVSA, accounts for a significant portion of Venezuela’s oil output. The company exported around 250,000 barrels per day of Venezuelan crude to the U.S. in the first quarter of the year under its license granted in 2022.

The U.S. recently canceled licenses granted to European and Asian companies operating in Venezuela, including Chevron, as part of ongoing sanctions against the Maduro regime. The U.S. accuses Maduro of failing to address illegal migration and restore democracy in Venezuela, while Maduro’s government denounces the sanctions as an “economic war.”

Despite the challenges posed by the recent developments, Chevron’s operations in Venezuela and its export activities continue to be impacted by the geopolitical dynamics and sanctions imposed by the U.S. government.

Stay tuned for further updates on this developing situation.