Chevron in Talks With Washington to Expand Venezuela Oil License

HOUSTON, Jan 7 (GeokHub) — U.S. oil giant Chevron is holding discussions with the American government over a possible expansion of its operating license in Venezuela, a move that could allow the company to boost crude exports and resume sales to a wider range of international buyers, according to people familiar with the matter.

The talks come as Washington and Caracas advance negotiations on a plan that could see up to 50 million barrels of Venezuelan crude supplied to the United States. The effort is part of President Donald Trump’s broader push to reassert U.S. influence over Venezuela’s energy sector while tightening political pressure on the country’s socialist leadership.

Under the proposed framework, revenue generated from Venezuelan oil exports would be placed under the control of a U.S.-supervised trustee, with funds earmarked for the purchase of American goods, including food and medical supplies. The arrangement is also expected to help Venezuela’s state oil firm, PDVSA, reduce swollen crude inventories amid a sweeping maritime blockade.

Chevron currently remains the only U.S. oil major operating in Venezuela, functioning under a special sanctions exemption granted by Washington. However, that license was tightened in mid-2025 as part of the Trump administration’s effort to isolate President Nicolás Maduro. As a result, Chevron’s Venezuelan exports dropped sharply, falling to roughly 100,000 barrels per day by December from earlier levels of about 250,000 barrels per day. PDVSA has also been barred from receiving proceeds from those shipments.

An expanded license would allow Chevron to restore previous export volumes and potentially resume supplying crude to international partners, including buyers outside the United States. Industry sources say some former customers, including refiners in India, have already begun exploring the possibility of restarting Venezuelan oil loadings.

Washington is also encouraging other U.S. companies to re-engage with Venezuelan crude exports. Firms such as Valero Energy, Exxon Mobil, and ConocoPhillips — all of which had past commercial or asset ties to Venezuela — are being considered as potential participants. Their involvement, however, has reportedly added strain to ongoing negotiations between U.S. and Venezuelan officials.

PDVSA confirmed that discussions with the United States are progressing and said any oil exports would be conducted under commercially transparent and legal terms, adding that it expects to sell crude at prevailing market prices.

Despite these talks, U.S. authorities insist that the broader oil embargo on Venezuela remains in force. Earlier this week, American forces boarded and seized two Venezuela-linked tankers in the Atlantic, underscoring Washington’s continued enforcement of sanctions against unauthorized oil shipments.