S. Energy Secretary Chris Wright confirmed the Department of Energy is moving “as fast as it can” to grant Chevron an expanded license for its operations in Venezuela.
Cash Royalties Chevron will be permitted to pay the Venezuelan government taxes and royalties in cash rather than “in-kind” crude oil.
Full Marketing Control The new terms allow Chevron to market 100% of its production. Under previous license restrictions, Chevron was required to hand over a portion of its output to the state-owned PDVSA, effectively limiting its exports to about 50% of its total production.
Production Targets With these new approvals, Chevron anticipates a pathway to increase its Venezuelan production by 50% over the next 18 to 24 months.
This move is part of a broader shift in U.S. energy policy following the January 3, 2026, removal of Nicolás Maduro by U.S. forces. The administration aims to revitalize the Venezuelan oil sector by reintegrating its heavy crude into U.S. Gulf Coast refineries and directing revenue into U.S.-controlled accounts.
Note by Alessandro Bazzoni