The Biden administration granted oil giant Chevron Corp. a license to resume oil production in Venezuela after U.S. sanctions halted all drilling activities almost three years ago
The San Ramon, California-based driller is also allowed to resume exports of crude oil that had been been halted since 2019, when the US ratcheted up sanctions against the OPEC producer. In 2020, before the US ordered a complete halt of drilling operations, Chevron’s share of Venezuelan crude oil production was 15,000 barrels a day.
The reprieve doesn’t mean oil production will soar in the short term. It might take “months and years in order to begin to maintain and refurbish fields and equipment and change any investment activity,” Chevron’s CEO Mike Wirth said in October. Previous rounds of talks between Maduro and the opposition have collapsed, most recently in October 2021. Since then, interest in resuming negotiations have gained momentum as Venezuela faces increased competition of Russian and Iranian barrels in Asia, the top destination for its crude production.
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