Houston, Texas-based oil giant Chevron is transferring joint venture control to its partner, state company PDVSA, while maintaining a staff presence in Venezuela.

Chevron has terminated the oil production, service and procurement contracts it had to operate in Venezuela, delegating its joint-venture governance to its partner, state company PDVSA, but it plans to retain its direct staff in the country,

The Trump administration issued a stripped-down license to Chevron Corp. to remain in Venezuela, allowing the company to conduct minimal maintenance on equipment but prohibiting it from producing oil in the sanctioned South American nation.