Sources say that Chevron is expected to receive an expanded Venezuela license this week from the US.

Three oil industry sources said on Wednesday that Chevron would receive an expanded Venezuela license this week from the U.S. Government. This could allow increased production and exports from South America. Sources said that the U.S. oil company is expected to be among several firms who will receive approvals to do business with Venezuela from the Trump administration. This comes as oil companies, traders, and refiners seek access to Venezuela's heavy oil after the U.S. captured Venezuelan President Nicolas Maduro.

According to another source, the U.S.-based Marathon Petroleum is in talks with the government to receive Venezuelan crude to refine at its refineries.

Industry sources claim that Valero Energy, a U.S. company, and the global traders Mercuria & Glencore are also in talks with Washington for licenses to do business in Venezuela.

In a recent statement, a Chevron spokesperson stated that the company complies with "all laws, regulations and sanction frameworks." Marathon, Valero Mercuria, and Glencore didn't immediately respond to comments.

The Office of Foreign Assets Control of the U.S. Treasury Department did not respond immediately to a comment request. It generally does not comment on licensing requests or specific licenses. Last week, it was reported that Chevron is in "talks" with the U.S. about expanding its "license to operate" in Venezuela to increase crude exports for its own refineries. Sources said that the company could trade even a part of PDVSA, Venezuela's state oil company, if it was authorized.

Chevron, the only American oil company currently producing crude in Venezuela in joint ventures in partnership with PDVSA, produces around 240,000 barrels of crude per day. It has been exporting oil from Venezuela to the U.S. since July under a limited U.S. authorisation that exempts them from sanctions against the country.

Chevron’s Venezuela license was more permissive between late 2022 to early 2025. This led to increased output capacity, repairs of facilities and an increase in exports. As part of Washington’s strategy to remove Maduro from power, the license was restricted last year. This halved exports in comparison to levels seen early 2025.

Chevron shares are up nearly 9% in the last month since U.S. troops removed Maduro as president earlier this month.

First oil sales completed The U.S. finished the first sale of Venezuelan crude oil as part of a $2 Billion deal between Caracas &?Washington on Wednesday. Additional sales are expected to be made in the next few days and weeks. Chevron, Vitol, and Trafigura are competing to get U.S. government contracts for the export of Venezuelan crude.

After the U.S. It said that it wants to control Venezuelan oil exports indefinitely. Trump urged a group comprising of oil executives from service and producer companies to meet at the White House on Friday to invest up to $100 billion in order to reactivate Venezuela's oil industry. Reporting by Marianna Paraga in Houston, Jarrett Renshaw, and Tim Gardner in Washington. Additional reporting by Sheila Dang and Arathy Sommesekhar. Editing by Nathan Crooks, Jamie Freed, and Jamie Freed.

(source: Reuters)