Trump Considers Extending Chevron’s Oil Production License in Venezuela
President Trump is reportedly considering extending Chevron’s oil license in Venezuela, reversing a Biden administration decision. Discussions include potential financial penalties on countries dealing with Venezuela. Chevron operates projects in partnership with the Venezuelan national oil company and maintains compliance with U.S. laws.
President Donald Trump is contemplating the possibility of extending Chevron’s license to extract oil in Venezuela, as reported by The Wall Street Journal. This consideration follows a statement made by Trump in late February regarding his intent to reverse a prior decision made by the Biden administration that enabled Chevron to resume its operations in Venezuela. Currently, the Treasury Department has set an April 3 deadline for Chevron to conclude its operational activities.
During a recent meeting at the White House with Chevron CEO Mike Wirth and other oil industry executives, President Trump expressed his openness to extending Chevron’s operational license. Additionally, the Trump administration is examining the implementation of financial penalties on countries engaging in commerce with Venezuela. Chevron maintains its business interests in Venezuela through a partnership with the state-owned enterprise, Petróleos de Venezuela, holding interests in five oil projects located both offshore and onshore throughout the country.
When questioned about the discussions held with Chevron, Energy Secretary Chris Wright refrained from providing specific details of the meeting during an interview with CNBC. Similarly, Chevron chose not to disclose any information regarding the content of their discussions. Chevron’s spokesperson, Bill Turenne, noted, “Chevron executives meet regularly with government officials in Washington to engage constructively on issues related to our business — both in the U.S. and abroad.” He further emphasized, “As we have said before, Chevron conducts its business globally in compliance with all laws and regulations, including any sanctions frameworks provided for by the U.S. government.”
In summary, President Trump is considering the extension of Chevron’s oil production license in Venezuela, reversing previous decisions by the Biden administration. This potential extension was discussed during a meeting with Chevron executives, amidst discussions of possible financial penalties for nations cooperating with Venezuela. The company’s operations in Venezuela continue under a partnership with the national oil company, and officials stress compliance with U.S. regulations.
Original Source: www.cnbc.com
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