The US oil producer is anticipated to be one of several firms to get approvals from President Donald Trump’s administration to do business in Venezuela. — Reuters
HOUSTON: Chevron is expected to receive an expanded Venezuela licence from the US government that could allow for increased production and exports from the South American country, three oil industry sources say.
The US oil producer is anticipated to be one of several firms to get approvals from President Donald Trump’s administration to do business in Venezuela as oil companies, traders and refiners look for access to the country’s heavy crude after the US capture of Venezuelan President Nicolas Maduro, the sources said.
US-based Marathon Petroleum, for example, is in discussions with the administration to receive Venezuelan crude for its refineries, according to a separate source familiar with the discussions.
US-based Valero Energy and global traders Mercuria and Glencore have also been in talks for licences from Washington to do business with Venezuela, industry sources said.
A Chevron spokesperson said in a statement that the company operates in compliance with all laws, regulations and sanctions frameworks.
Marathon, Valero, Mercuria and Glencore did not immediately respond to requests for comment.
The US Treasury Department’s Office of Foreign Assets Control also did not immediately respond to a request for comment. It does not generally comment on specific licences or licensing requests.
Reuters reported last week that Chevron was in talks with the US administration to expand its license to operate in Venezuela so it could increase crude exports to its own refineries and sell to other buyers.
The company could even trade a portion of state oil company PDVSA’s own crude production if authorised, sources said.
Chevron is the only American major oil company producing crude in Venezuela, with some 240,000 barrels per day (bpd) in joint ventures with PDVSA.
Since July, it has been operating there and exporting oil to the United States under a restricted US authorisation that exempts it from sanctions on the country.
Between late 2022 and early 2025, Chevron’s Venezuela license had been more permissive, which led to expanded output capacity, facility repairs and increased exports.
But as part of Washington’s strategy to oust Maduro, the license was restricted last year, which halved exports compared to early 2025 levels.
Chevron’s shares have risen nearly 9% since US forces removed Maduro from power earlier this month and interim President Delcy Rodriguez took office.
The United States has completed the first sales of Venezuelan oil that are part of a US$2bil deal crafted by Washington, a US official confirmed on Wednesday, adding that additional sales are expected in the coming days and weeks.
Chevron and global trading houses Vitol and Trafigura have been competing for US government deals to export the Venezuelan crude, Reuters previously reported. — Reuters
