Chevron Gets U.S. Approval to Restart Venezuela Oil Operations, Access 300+ Billion Barrels
U.S. Treasury’s OFAC has granted Chevron permission to resume direct oil operations in Venezuela alongside BP, Eni, Repsol and Shell. The approval unlocks access to Venezuela’s 300+ billion-barrel reserves and could enable Chevron to expand production, recover payments and pursue new gas projects.
1. Authorization Overview
The U.S. Treasury’s Office of Foreign Assets Control has issued Chevron a permit to directly participate in Venezuela’s oil sector. This authorization places Chevron alongside BP, Eni, Repsol and Shell in resuming exploration, production and export activities under eased sanctions.
2. Key Implications for Chevron
With access to Venezuela’s 300+ billion-barrel proven reserves, Chevron can advance long-dormant field developments and negotiate recovery of past payments. The company may also explore boosting natural gas output by around 10% and evaluating additional upstream projects as market and political conditions improve.