American energy giant Chevron is actively engaged in discussions with the United States government to secure an expanded operating licence for its activities in Venezuela. The move aims to boost crude exports to Chevron's own refineries and potentially open the door for sales to other buyers. This development coincides with advancing negotiations between Washington and Caracas to supply the US with up to 50 million barrels of Venezuelan oil.
Trump's Push for US Energy Investment in Venezuela
The talks are unfolding against a backdrop where President Donald Trump is urging American oil companies to invest in Venezuela's energy sector. Chevron currently holds a unique position as the only US oil major still operating in the country, doing so under a special US Treasury authorisation that shields it from the broad sanctions imposed on the South American nation.
On Wednesday, 7 January 2026, state-owned oil company PDVSA confirmed that progress is being made in its negotiations with the US regarding oil exports. The company anticipates establishing commercial terms similar to those it has with Chevron, its key joint venture partner.
Washington Encourages Broader US Company Involvement
Reports indicate that the US administration is not only focused on Chevron but is also encouraging other American firms to re-engage with Venezuelan oil exports. This group includes refiner Valero Energy, a former customer of PDVSA before sanctions cut ties.
It also reportedly involves industry titans Exxon Mobil and ConocoPhillips, both of which had their Venezuelan assets seized by the government nearly two decades ago. Their potential return would mark a significant shift in the long-strained commercial relationship.
Implications for Global Energy Markets and Sanctions Policy
The potential expansion of Chevron's licence and a broader deal for 50 million barrels of oil signal a notable shift in US policy towards Venezuela's energy sector. This could have substantial consequences for global oil supply and pricing.
For Venezuela, renewed access to the US market and increased investment from American companies would provide a crucial economic lifeline. For the US, it represents a strategic move to secure energy resources while applying a new form of diplomatic and economic leverage.
As of the time of reporting, requests for comment sent to Chevron, Valero, Exxon, Conoco, and the US Treasury Department had not been immediately returned. The outcome of these negotiations will be closely watched by energy markets and geopolitical analysts alike.
