The Ministry of Finance gave no reason to grant the extension, which expires on 25 October 2019.  A withdrawal from Venezuela would have given Chevron a financial and emotional blow that has spent almost a century sinking resources into the nation. Venezuelan President Nicolas Maduro could even have confiscated Chevron's assets by nationalizing it.
"Our focus is to continue activities in Venezuela in compliance with all applicable laws and regulations," said Chevron in a statement on Friday.
Chevron said its focus is on maintaining the safety of operations and supporting more than 8,000 people who work with us and their families.
Chevron, one of the leading private oil companies in Venezuela, supports more than 8,000 people in crisis country. In Venezuela, an average of 40,000 barrels of oil and natural gas were produced in the first quarter.
The sanction relief contributes little to the solution of many problems, With foreign energy companies facing Venezuela, PDVSA is suffering from a prolonged liquidity shortage and has repeatedly faced problems in paying partners and suppliers. "The risks of working in Venezuela far outweigh the potential benefits," said Pavel Molchanov, raymond energy analyst James, "There is nothing the PDVSA can do to the US government, which is nearly as destructive as the Maduro regime itself." Fear of offending eg the gasoline prices at home. Despite heightened tensions between the US and Iran, oil prices came under pressure from robust production from West Texas, the heart of the US shale oil boom.
In January, US President Donald Trump imposed sanctions on PDVSA to force Venezuelan President Nicolas Maduro out of power. These sanctions prohibited American companies from doing business with the national oil company. ExxonMobil