The Trump administration issued a stripped-down license to Chevron Corp. to remain in Venezuela, allowing the company to conduct minimal maintenance on equipment but prohibiting it from producing oil in the sanctioned South American nation.
The waiver granted Tuesday by the Treasury Department is similar to the one the company operated under during President Donald Trump’s first term, according to a person familiar with the decision who asked not to be identified. Bloomberg News reported Friday that Chevron would receive the license.
This new license was issued just as a previous one, which required Chevron and other oil majors to wind down production operations in Venezuela, expires.
Chevron said in an email that its “continued presence in Venezuela remains in compliance with all applicable laws and regulations, including the sanctions framework provided for by the US government.”
Secretary of State Marco Rubio announced last week that the U.S. would let that previous license lapse as scheduled, dispelling earlier expectations of an extension to the wind-down period. Ric Grenell, a special envoy for the Trump administration, had said an extension was coming after he met with Venezuelan officials and returned with a US veteran who had been imprisoned there.
The latest, more restrictive license could represent a strategic win for all parties, potentially fostering continued talks between the two countries.
It wasn’t immediately clear whether other oil companies operating in Venezuela are receiving similar licenses to the one granted to Chevron.
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