American oil producer Chevron is in discussions with the US government to expand its operating licence in Venezuela, aiming to increase crude exports to its own refineries and potentially sell to other buyers.
These talks unfold as Washington and Caracas advance negotiations to supply up to 50 million barrels of Venezuelan oil to the United States.
The development also comes as President Donald Trump presses American oil companies to invest in the South American nation’s energy sector.
Chevron currently stands as the sole US oil major operating in Venezuela, doing so under a specific authorisation from the US government that exempts it from existing sanctions on the country.
Washington is also reportedly encouraging other US companies to become involved in Venezuelan oil exports. This includes refiner Valero Energy, a former customer of state-owned PDVSA before sanctions were imposed, alongside majors Exxon Mobil and ConocoPhillips, whose Venezuelan assets were expropriated two decades ago.
PDVSA confirmed on Wednesday that it is making progress in its negotiations with the US regarding oil exports, anticipating commercial terms similar to those established with its key joint venture partner, Chevron.
Requests for comment from Chevron, Valero, Exxon, Conoco, and the US Treasury Department were not immediately returned.
