May 28 (Reuters) - Chevron ( CVX ) 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, four sources close to the decisions

said.

A key license for Chevron ( CVX ) to operate in Venezuela was

revoked by U.S. President Donald Trump's administration in March

and a two-month period granted to wind down transactions expired

this week.