U.S. 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 U.S. companies in rebuilding the country’s decaying oil sector.
Chevron produces and exports Venezuelan oil under a special license exempting it from U.S. 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 billionof 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.
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