Chevron's Venezuela License Renewed, Caracas Mulls Concessions

June 6, 2022--Researched by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--The U.S. renewed Chevron Corporation's (NYSE:CVX) (San Ramon, California) license to operate in Venezuela until November 2022, maintaining the current restrictions on the company's operations. The Biden administration has decided to wait for political changes and concessions in the South American country before moving further.

Chevron has had its current license extended since 2020, a year after the U.S. imposed sanctions on Venezuela. This license allows the oil company to conduct operations only for the safety and preservation of its assets, without the possibility of selling oil shipments from Venezuela.

The renewal of the license has been in the spotlight following a meeting between U.S. and Venezuelan government officials in Caracas in March, a few days after the Russian invasion of Ukraine. The details of the visit were not shared publicly, but the discussion over Venezuela's oil likely took center stage in the talks.

Other companies featured: Halliburton Company (NYSE:HAL), Baker Hughes Company, Schlumberger Limited (NYSE:SLB) and Weatherford International plc (NASDAQ:WFRD)