Chevron seeks expanded U.S. license to boost Venezuela exports

Chevron is in talks with the U.S. government to expand a licence allowing it to operate in Venezuela, four sources told Reuters; the move is linked to U.S.-Venezuela discussions over supplying up to 50 million barrels of Venezuelan oil.

Chevron is reported to be negotiating with the U.S. government to widen a licence that permits its operations in Venezuela, according to four sources. The proposed expansion would allow the company to increase crude exports to its own refineries and to other buyers. These talks occur as Washington and Caracas discuss supplying up to 50 million barrels of Venezuelan oil to the United States. The report also says U.S. officials are encouraging participation by other American oil firms. Key points: - Four sources told Reuters that Chevron is in talks to expand a licence to operate in Venezuela. - The licence expansion is described as intended to let Chevron raise exports to its refineries and to sell to other buyers. - The discussions are linked to broader U.S.-Venezuela talks about supplying up to 50 million barrels of oil to the United States. - The article notes Chevron is the only U.S. major currently operating in Venezuela under an exemption from sanctions. - Reuters reported that Chevron did not immediately respond to a request for comment. - The report says Washington is pushing for other U.S. companies to be involved in Venezuelan oil exports. Summary: If the licence is expanded, Chevron would be authorised to increase crude flows from Venezuela to its own refineries and to third-party buyers, which may affect how Venezuelan oil is routed. Negotiations between U.S. and Venezuelan officials are ongoing and details remain subject to further official decisions. Undetermined at this time.