The license will expire next week, once the settlement period granted to complete the transactions expires. Most of the partners of Venezuelan state oil company PDVSA have requested extensions.
The U.S. license granted to Chevron to operate in Venezuela will expire on May 27 as scheduled, Secretary of State Marco Rubio announced on his X account, despite recent negotiations between officials in Washington and Caracas.
The license will expire next week, once the settlement period granted to complete the transactions expires. Most of the partners of Venezuelan state oil company PDVSA have requested extensions.
Following a meeting with a high-ranking Venezuelan official on a Caribbean island this week, U.S. special envoy Richard Grenell stated in an interview that a 60-day extension of Chevron's license would be granted. However, according to Rubio, the original plan remains in place.
"The pro-Maduro Biden oil license in #Venezuela will expire as scheduled next Tuesday, May 27," Rubio tweeted late Wednesday.
U.S. President Donald Trump announced in February that he would revoke the license issued by his predecessor, Joe Biden, more than two years ago. Trump accused President Nicolás Maduro of failing to advance electoral reforms and the return of migrants.
Following Grenell's trip to Antigua, which led to the release of an American who had been imprisoned in Venezuela for months, the State Department issued a directive to the Treasury Department objecting to the extension, four sources familiar with the matter told Reuters.
Any extension must be approved by the Department of the Treasury and the Department of State.
Venezuela has the world's largest oil reserves, but its crude production remains a fraction of what it was a decade ago due to a lack of investment, PDVSA's mismanagement, and U.S. sanctions on its industry, imposed since 2019.
The licenses granted to Chevron and other foreign companies in Venezuela have allowed for a slight recovery in oil production and exports since 2023.
Maduro and his government have consistently rejected sanctions imposed by the United States and other countries, arguing that they are illegitimate measures that amount to an "economic war" designed to paralyze Venezuela.
The Venezuelan president and his allies have celebrated what they say is the country's resilience despite the measures, although they have historically attributed some economic hardship and shortages to the sanctions.
The State Department did not immediately respond to a request for comment on Rubio's post. The Treasury's Office of Foreign Assets Control, which administers sanctions, declined to comment.
Chevron did not immediately respond to a request for comment.
Even if granted, a 60-day extension for Chevron to wind down its operations in Venezuela would not necessarily lead to the resumption of Venezuelan oil exports to the United States.
PDVSA canceled shipments to the company in April due to uncertainty over payments, a situation that has not been resolved. Chevron must pay royalties, taxes, and a portion of the operating expenses of its joint ventures in Venezuela to access crude oil shipments.
