Chevron expected to receive expanded Venezuela license from US this week, reports

US oil producer Chevron is expected to receive an expanded Venezuela license from the US government this week that could allow for increased production and exports from the South American country, Reuters reported on Wednesday, citing three oil industry sources.

The company is anticipated to be among several firms to receive approval from President Donald Trump’s administration to operate in Venezuela, as oil producers, traders and refiners seek access to the country’s heavy crude following the US capture of Venezuelan President Nicolas Maduro, the report said.

US-based Marathon Petroleum for example, is in discussions with the administration to receive Venezuelan crude for its refineries, the reports said citing a separate source familiar with the discussions, adding that, Valero Energy and global traders Mercuria and Glencore have also been in talks for licenses from Washington to do business with Venezuela.

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A Chevron spokesperson told Reuters that the company operates in compliance with all laws, regulations and sanctions frameworks.

Chevron remains the only US oil major producing crude in Venezuela, pumping about 240,000 barrels per day through joint ventures with PDVSA. Since July, it has operated under a limited US authorization that allows exports to the United States despite broader sanctions on the country.

Between late 2022 and early 2025, Chevron’s Venezuelan license had been more permissive, which helped boost output, repair facilities and increase exports. But last year the United States tightened the license as part of its strategy to oust Maduro, cutting exports to about half of their early‑2025 levels.

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Since US forces removed Maduro from power and interim President Delcy Rodriguez took office, Chevron’s shares have climbed nearly 9 per cent.