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Chevron Granted Venezuelan License

OIL

Chevron received a license on Saturday allowing it to expand its production in Venezuela and bring crude from the country to the US.

  • The license prohibits PdVSA from receiving profits from Chevron’s oil sales in the US and it does not authorize other activity with PdVSA.
  • Terms bar Chevron from helping the OPEC member develop new oilfields but the deal will allow Chevron to help process the country’s crude into exportable grades.
  • It marks a key development in relations and opens the possibility of Venezuela becoming a key source of crude for Gulf Refiners now that the region no longer receives flows from Russia.

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