Chevron in Talks With US to Extend Venezuela Oil License
(Bloomberg) -- US government officials are in discussions with Chevron Corp. over potentially extending the crude producer’s special license to operate in Venezuela, according to a person with knowledge of the matter, as President Donald Trump seeks to enlist US companies in rebuilding the country’s decaying oil sector.
The talks come as Trump prepares to meet with oil executives on the prospect at the White House on Friday, just days after the US capture of indicted strongman Nicolas Maduro.
Chevron produces and exports Venezuelan oil under a special license exempting it from US sanctions. The company continues “to operate in full compliance with all relevant laws and regulations,” it said in a statement.
The White House didn’t immediately respond to a request for comment. Reuters first reported the talks.
Venezuela sits atop the world’s largest reserves, but just sustaining current production would require $53 billion of investment over the next 15 years, according to Rystad Energy. At present, the country produces about 1 million barrels a day, compared with nearly 4 million barrels in 1974, after years of corruption, underinvestment, fires and thefts that have left the nation’s crude infrastructure in tatters.
(Updates with Bloomberg’s request for comment from the White House in fourth paragraph.)
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