The termination by the US Government of Chevron’s licence to operate in Venezuela may lead to negotiations on a new agreement.
The focus would be on exporting crude to destinations other than the US under a new oil export agreement between the US producer and Venezuela’s state company PDVSA, reported Reuters, citing sources.
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US President Donald Trump announced the licence reversal, citing President Nicolas Maduro’s lack of progress on electoral reforms and migrant returns.
US Secretary of State Marco Rubio stated on X that he would guide foreign policy to terminate all oil and gas licences for companies operating in Venezuela, accusing them of supporting the Maduro regime.
As of Thursday morning, the US Treasury Department had not detailed any licence cancellation terms or deadlines to wind down Venezuelan oil exports, which resumed to the US in early 2023 after a four-year pause, the report said.
Oil cargoes chartered by Chevron have continued to depart from Venezuelan ports to the US, according to vessel monitoring data and PDVSA’s internal export records.
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By GlobalDataMaritime sources reported no directives to slow down loading or divert tankers.
Companies like Repsol, Eni and Maurel & Prom also have US authorisations to access Venezuelan crude.
Chevron is evaluating the implications of Trump’s decision while Repsol, Eni, and Maurel & Prom did not respond to requests for comment, said the report.
Chevron’s six-month licence has been automatically renewed since November 2022.
In 2022, Chevron’s joint ventures produced around 25% of Venezuela’s oil output, making the country the fourth-largest crude supplier to the US.
Spot prices for a key medium crude grade on the US Gulf Coast surged as refiners sought alternatives including Colombian, Ecuadorean and Guyanese grades.
Venezuelan crude accounted for 13% of US Gulf Coast refinery imports last year, according to the US Energy Information Administration.
In a separate development, Trinidad and Tobago plans to request a US licence extension for Shell and the National Gas Company (NGC) to develop the Dragon gas project in Venezuela.
The licence, issued in early 2023, allows project planning to supply gas to Trinidad by 2027.
The US amended the licence in 2023 to permit payments to Venezuela and PDVSA in hard currency or in kind, extending expiration to October 2025.
