Chevron gets new US license to pump oil into Venezuela again

Chevron can return to its Venezuelan oil fields in joint ventures with Venezuela’s national oil company.


Photo:

MARCO BELLO/REUTERS

WASHINGTON – The US said it would allow Chevron Corp.

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to resume pumping oil from Venezuela’s oil fields after the government of President Nicolás Maduro and an opposition coalition agreed to implement a humanitarian program and continue dialogue in Mexico City on efforts to secure free and fair elections to keep.

Following the agreement, the Biden administration granted Chevron a license that would allow the California-based oil company to return to its Venezuelan oil fields in joint ventures with Venezuela’s national oil company Petróleos de Venezuela SA. The new license, granted by the Treasury Department, would allow Chevron to pump Venezuelan oil for the first time in years.

Biden administration officials said the license prohibits PdVSA from receiving profits from Chevron’s oil sales. The officials said the US is ready to revoke or change the permit, which is valid for six months, at any time if Venezuela fails to negotiate in good faith.

“If Maduro tries to use these negotiations again to buy time to further consolidate his criminal dictatorship, the United States and our international partners must reverse the full force of our sanctions,” said Sen. Robert Menendez (D., NJ), the chairman of the Senate Foreign Relations Committee.

The US policy change could be an opening for other oil companies to resume operations in Venezuela, two years after the Trump administration clamped down on Chevron and other companies’ activities there as part of a “maximum pressure” campaign which was intended to oust the Maduro government.

Write to Andrew Restuccia at [email protected] and Collin Eaton at [email protected]

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