Chevron currently stands as the sole U.S. oil major with authorized operations in Venezuela, maintaining joint ventures with state-owned PDVSA that account for roughly 25% of the country’s oil output. These ventures export approximately 140,000 barrels per day of heavy crude to the U.S. Gulf Coast, giving Chevron a first-mover advantage should sanctions be eased or licenses expanded.

According to four industry sources, Chevron is in active negotiations with the U.S. government to broaden its existing license, enabling the company not only to ship additional Venezuelan crude to its own refineries but also to sell to third-party buyers. An expanded permit could increase Chevron’s Venezuela throughput by as much as 50%, translating into incremental volumes of up to 70,000 barrels per day over the next 12 months if final approval is granted.

Energy Secretary Christopher Wright has indicated that U.S. firms, led by Chevron, could ramp up technical support and investment in Venezuelan fields 'pretty quickly,' projecting a rise in output from current levels near 800,000 barrels per day to over one million within months of reengagement. President Trump’s planned meeting with Chevron executives underscores administration backing for accelerated infrastructure repairs, with preliminary estimates suggesting that targeted infill drilling and facility upgrades might restore 500,000 barrels per day of lost capacity within 18 months.