The U.S. government is preparing to issue a limited license to Chevron, allowing the company to carry out essential maintenance and safety operations at its oil facilities in Venezuela, according to informed sources.
Bloomberg reported that the U.S. Treasury Department intends to grant a waiver that would permit Chevron to perform only critical upkeep tasks, as its current authorization in the South American nation is set to expire in the coming days.
Despite strict U.S. sanctions on Venezuela’s state oil company PDVSA, several of its partners have submitted requests to extend their exemptions. Any such extensions require joint approval from both the Treasury and State Departments.
Venezuela holds one of the largest proven oil reserves in the world, but its oil output has plummeted over the past decade due to underinvestment, mismanagement within PDVSA, and U.S. sanctions imposed on the country’s energy sector since 2019.
According to Reuters, waivers granted to Chevron and other foreign firms have contributed to a modest recovery in Venezuela’s oil production and exports since 2023.
