Chevron's Venezuelan Venture: A New Chapter in U.S.-Venezuela Oil Relations

Chevron is negotiating with the U.S. government to expand its operations in Venezuela, aiming to boost crude exports to its refineries and other buyers. These talks align with U.S. efforts to secure Venezuelan oil supplies, amidst easing relations between Washington and Caracas.

Oil giant Chevron is in strategic talks with the U.S. government to broaden a crucial license that would allow increased crude exports from Venezuela, sources close to the negotiations reported on Wednesday. This initiative aligns with ongoing U.S.-Venezuela negotiations aiming to deliver up to 50 million barrels of Venezuelan oil to the United States, as President Donald Trump encourages American oil sector investments in Venezuela.

Chevron stands as the sole U.S. oil major active in Venezuela, operating under a U.S. government authorization that exempts it from current sanctions. Washington is also advocating for greater involvement from other American companies in Venezuelan oil exports, including Valero Energy, previously a client of Venezuela's PDVSA before the sanctions era, along with Exxon Mobil and ConocoPhillips, whose assets in the country were nationalized two decades earlier, according to three industry sources.

PDVSA indicated on Wednesday that it is advancing in negotiations with the U.S. concerning oil exports, with terms mirroring those in existing partnerships with primary collaborators like Chevron.

(With inputs from agencies.)