NEW YORK, May 29, 2025 (BSS/AFP) - Chevron said Wednesday that it was complying with US sanctions on Venezuela and that its license to operate in the country had expired.

Noting that its license to produce had expired, the company said "Chevron's continued presence in Venezuela remains in compliance with all applicable laws and regulations, including the sanctions framework provided for by the US government," according to a company statement.

The halt marks the latest shift in Chevron's fluctuating fortunes in the South American country, where weekend elections enabled the further consolidation of power by authoritarian President Nicolas Maduro's party.

President Donald Trump announced in late February he was revoking permission for Chevron to produce in the country after predecessor Joe Biden in 2022 restored the ability for US oil companies to produce in Venezuela following sanctions in Trump's first term.

In March, the Department of Treasury authorized the "wind down" of Chevron's transactions, reversing a November 2022 license that permitted Chevron "to resume limited natural resource extraction operation in Venezuela," the agency had said.

Earlier this month, Venezuela freed a US military veteran, Joe St. Clair, who had been detained since November.

But Secretary of State Marco Rubio said last week that Chevron's production license would expire on Tuesday.

State Department spokeswoman Tammy Bruce told reporters Tuesday when asked about the exemption for Chevron: "That will expire at 11:59 this evening."

While Chevron can no longer produce oil in the country, the oil giant has been permitted to maintain oil equipment in the country under a narrow license overseen by the US Treasury Department, US media reported Wednesday.

On Sunday, Maduro's United Socialist Party of Venezuela romped to victory in a vote for state governors and members of the National Assembly.

The main opposition group, led by popular figurehead Maria Corina Machado, had urged voters to stay away to avoid legitimizing a vote she described as a "farce."

Shares of Chevron fell 1.3 percent in afternoon trading.