U.S.-based oil company Chevron, global commodities trader Vitol, and other energy firms are in discussions with U.S. officials to secure individual licenses for exporting Venezuelan crude oil, according to industry sources. The requests follow the April expiration of a broad U.S. license that had temporarily eased sanctions on Venezuela’s energy sector, leading companies to now seek specific authorizations on a case-by-case basis.
On April 18, the U.S. Treasury Department declined to renew General License 44, which for six months had permitted extensive business with Venezuela’s state-run oil company, Petróleos de Venezuela, S.A. (PDVSA). U.S. officials cited what they described as a lack of progress by Venezuelan authorities on commitments for electoral reform as the basis for the policy change.
In place of the general license, the Treasury Department established a 45-day period for companies to wind down transactions and announced it would consider specific license requests from individual entities. This shift has prompted a number of energy producers, traders, and refiners to present proposals to U.S. authorities.
According to sources familiar with the matter, these companies are outlining plans that include trading Venezuelan crude and fuel, as well as arrangements for repaying outstanding debts owed by Venezuela. The proposals are part of a competitive effort to gain access to the country’s oil reserves while adhering to U.S. sanctions policy.
Chevron currently operates in Venezuela under a separate, specific license granted in 2022 that allows it to produce and export crude oil to the United States as a means of recovering debt. The company is reportedly among those engaged in discussions to ensure the continuation or potential expansion of its operations.
Vitol, a major global energy trader, had previously ceased its trading of Venezuelan oil to comply with U.S. sanctions. The firm is now reportedly among those seeking a specific license to re-enter the market. Other international energy companies are also pursuing similar approvals to secure a share of Venezuela’s oil exports, which are being negotiated with PDVSA pending U.S. government authorization.
The U.S. State and Treasury Departments have not publicly commented on specific applications or disclosed which companies may receive licenses. The outcome of these requests will determine the extent of foreign participation in Venezuela’s oil industry in the coming months.
