US Grants Chevron Narrow Authorization to Keep Assets in Venezuela, Sources Say

The guidelines, whose terms are similar to those in a U.S. license held by Chevron between 2020 and 2022 for its Venezuelan operations, came as the administration allowed the energy company’s wider license to operate in the country to expire on Tuesday. Former U.S. President Joe Biden had issued that license more than two years ago.

Under the new authorization, Chevron cannot operate oilfields in Venezuela, export its oil or expand activities, the sources said, adding that its intention is to avoid any possible payments to President Nicolas Maduro’s administration.

The U.S. Treasury Department, Chevron and PDVSA did not immediately reply to requests for comment.

(Reporting by Reuters staff Writing by Timothy Gardner Editing by Chris Reese and Matthew Lewis)