Oil major Chevron is in talks with the U.S. government over potentially expanding the company’s licence to operate in Venezuela to increase crude exports to its refineries, sources told Reuters.
The talks come amid U.S. negotiations with Caracas to supply up to 50 million barrels of Venezualan oil to the U.S.
Chevron is currently the only U.S. oil major operating in Venezuela, under a specific licence that exempts it from U.S. sanctions on the country.
The talks also comes as President Donald Trump presses American oil companies to become involved in the Venezuelan oil sector. This includes other majors like Exxon Mobil and ConocoPhillips.
Chevron, Exxon and Conoco and the U.S. Treasury Department did not immediately reply to Reuters’ requests for comment.
