Chevron obtained a restricted U.S. license to operate limited oil operations in Venezuela according to sources who are familiar with the matter. The license enables Chevron to oversee procurement activities and payment processes at its joint ventures with PDVSA but prevents the transfer of crude sale proceeds to the Venezuelan government.
The U.S. Treasury granted permission for this move after President Donald Trump eliminated Venezuela sanctions exemptions in the first part of this year. Chevron reduced its operations after the previous authorizations ended in May so tankers left Venezuelan waters.
The new license enables Chevron to make operational choices yet it remains unclear if PDVSA will provide the company with oil shipments because of the royalty and tax restrictions. The Venezuelan state-owned oil company PDVSA has not granted permission for any other partner to operate under similar terms. Chevron declined to comment on the decision.
The authorization creates a restricted path for U.S.-Venezuelan oil movement at a time when PDVSA stopped Chevron shipments because of payment problems. The license demonstrates Washington’s dual approach to maintaining energy security while opposing President Nicolás Maduro’s government.
The analysts predict this initial step will potentially lead to more comprehensive easing based on Venezuela’s progress toward democratic reforms and regional stability.
