Chevron is expected to restart its oil business in Venezuela

Recently, the US media quoted people familiar with the matter as saying that the United States is ready to issue Chevron a license
to drill oil in Venezuela.
With that, Chevron will regain partial control of its oil production and maintenance activities in Venezuela's abandoned oil fields, through a partnership with Venezuela's state-owned oil company, Petroleos The joint venture of de Venezuela SA (PDVSA) retains its stake
in the field.

The issuance of the new license depends on Venezuela implementing a $3 billion humanitarian program using Venezuelan funds unfrozen by the United States, among other conditions
, people familiar with the matter said.
Once the conditions are met, Chevron will soon receive U.
S.
approval to expand its operations in Venezuela and resume oil trade
.
According to people familiar with the matter, Chevron is expected to obtain a new license
from the US Treasury Department as soon as this week.

In 2019, after the United States imposed oil sanctions on Venezuela, Chevron was able to exempt and continue to trade crude oil
in Venezuela because PDVSA owed billions of dollars to Chevron.
Venezuela's oil production fell to 650,000 barrels per day this year, well below the official target of 2 million barrels
.
Former Chevron executive Ali Moshiri previously said Venezuela could reach its target
of 1.
5 million barrels per day within two years if U.
S.
sanctions are eased and Chevron and other oil companies are free to produce.