View of the Peace Monument sculpture in front of the Petroleos de Venezuela (PDVSA) headquarters in Caracas, on December 2, 2022.
- President Donald Trump indicated he is open to extending Chevron's license to produce oil in Venezuela during a meeting with oil executives Wednesday, according to The Wall Street Journal.
- The Trump administration had given Chevron until April 3 to wind down its operations.
President Donald Trump is considering extending Chevron's license to pump oil in Venezuela, people familiar with the matter told The Wall Street Journal.
Trump said in late February that he would reverse a Biden administration decision that allowed Chevron to restart production in Venezuela. The Treasury Department gave Chevron until April 3 to wind down its operations.
But the president was open to extending the license during a meeting with Chevron CEO Mike Wirth and other oil industry executives at the White House on Wednesday, the people told the Journal. The Trump administration is also considering financial penalties on countries that do business with Venezuela, according to the report.
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Chevron does business in Venezuela through a partnership with its national oil company Petróleos de Venezuela. The oil major has stakes in five onshore and offshore projects in western and eastern Venezuela.
Energy Secretary Chris Wright declined to go into specifics on what was discussed with Chevron at the meeting Wednesday when asked during an interview with CNBC. Chevron also declined to comment on what was discussed.
Money Report
"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," Chevron spokesperson Bill Turenne said. "We do not confirm or comment on those discussions."
"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," Turenne added.
