US plans Chevron license for minimum maintenance in Venezuela -Bloomberg

US plans Chevron license for minimum maintenance in Venezuela -Bloomberg

The Trump administration is preparing to issue a narrowly tailored license to Chevron Corp., allowing the oil producer to conduct minimal maintenance of essential operations in Venezuela, according to people familiar with the matter [2]. The license would come at the end of a period when the U.S. has instructed Chevron and other U.S. companies to wind down their production operations in Venezuela. Secretary of State Marco Rubio announced this week that the U.S. would let the current license expire as scheduled on May 27.

The U.S. Treasury Department plans to grant the waiver permitting Chevron to carry out only critical upkeep and safety-related functions in the sanctioned South American nation [1]. The license would be similar to the one Chevron held until November 2022, which allowed Chevron and a handful of U.S. oil-service providers to maintain a limited presence in the country but explicitly barred new investments or the export of Venezuelan crude.

The earlier license was set to expire in December 2022 but was extended by the Biden administration as part of an effort to bring President Nicolás Maduro back to the negotiating table with the opposition to discuss conditions for a fairer presidential vote in 2024. However, this broader authorization was revoked by Trump in late February of this year.

The new waiver is expected to closely resemble the previous authorization, which could be a strategic win for all parties, potentially clearing the way for continued dialogue between the two countries. However, the impact of this license on Chevron's operations and Venezuela's oil industry remains to be seen.

References

[1] https://www.marketscreener.com/quote/stock/CHEVRON-CORPORATION-12064/news/US-plans-Chevron-license-for-minimum-maintenance-in-Venezuela-Bloomberg-News-reports-50056552/
[2] https://www.bloomberg.com/news/articles/2025-05-24/chevron-cvx-venezuela-seen-getting-us-license-for-minimum-maintenance