Chevron lines up 11 ships as Venezuela’s dark fleet vanishes

HOUSTON – A small fleet of ships booked by Chevron is sailing to Venezuela as the company emerges as the only exporter of the country’s oil following the ouster of President Nicolas Maduro by US forces.

At least 11 ships chartered by the US oil major are scheduled to arrive in the Venezuelan government-controlled ports of Jose and Bajo Grande in January, according to data compiled by Bloomberg. The data, which is preliminary, compares with nine vessels in December and is the highest since October, when 12 tankers loaded. 

The Houston-based company operates in Venezuela under a licence granted by the US Treasury Department and it is the only Western firm allowed to produce and export crude oil amid American sanctions.

“Chevron remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets. We continue to operate in full compliance with all relevant laws and regulations,” it said in a statement on Jan 6.

Chevron continues to load oil as at least 12 vessels bound for Venezuela turned away under the heavy US military presence in the Caribbean. Two tankers used in the transport of sanctioned oil were caught in the US naval blockade. The US is now chasing a third tanker known as Marinera, or Bella 1, CBS News reported. 

Some vessels of the dark fleet were able to safely leave Venezuela over the weekend, right after US forces captured Mr Maduro, according to TankerTrackers.com. At least four tankers, and maybe as many as 16, got through the blockade, it said, without providing the names of the vessels. Tankers of the shadow fleet typically turn off or spoof their transponders to disguise their location. 

Out of the 11 Chevron-chartered vessels headed to the South American nation, one has already loaded and two others are docked, according to vessel movements tracked by Bloomberg. All the oil goes to refineries in the US, including Valero Energy, Phillips 66 and Marathon Petroleum.

US President Donald Trump is banking that

oil companies will step in with big investments to revive production in Venezuela

after years of corruption and neglect ravaged output, though crude producers are likely to proceed cautiously. US Energy Secretary Chris Wright plans to talk this week with oil industry executives.

Venezuelan oil exports – measured by ship loadings – fell to a 17-month low in December amid the naval blockade designed to clamp down on its illicit oil trade. BLOOMBERG