• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 days Does Toyota Know Something That We Don’t?
  • 2 hours World could get rid of Putin and Russia but nobody is bold enough
  • 5 days America should go after China but it should be done in a wise way.
  • 20 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 hours How Far Have We Really Gotten With Alternative Energy
  • 13 days China is using Chinese Names of Cities on their Border with Russia.
  • 21 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 13 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

Despite tightened budgets, frontier drilling…

Warren Buffett Regrets Owning Electric Utilities

Warren Buffett Regrets Owning Electric Utilities

Buffett recognizes that the US…

Chevron To Ship First Venezuelan Oil To The U.S. By Year-End

Chevron is getting ready to ship the first oil cargo from Venezuela to the United States by late December after the U.S. Administration issued this weekend a six-month license allowing the U.S. supermajor to extract and export oil from the South American country, Bloomberg reports, citing a source with knowledge of the matter.  

This weekend, the U.S. Treasury issued a license authorizing Chevron to resume limited natural resource extraction operations in Venezuela while preventing Venezuela’s state oil firm PDVSA from receiving profits from the oil sales by Chevron. The license authorizes Chevron to produce oil at fields jointly operated with PDVSA and sell the oil to U.S. refiners.

Sanctions against Venezuela were introduced in 2019 by the Trump Administration, and the Biden Administration’s decision to ease some of those sanctions came after the resumption of talks over the weekend between the government of Nicolas Maduro and the Venezuelan opposition. Those talks led on Sunday to the signing of a U.S.-brokered accord between the government and the opposition in order to resolve the country’s political turmoil.  

Chevron has now been granted a six-month license to resume pumping oil and generating oil revenues. Under the limited authorization, profits from the sale of oil and petroleum products would go to paying down debt to Chevron and not boosting state-run PDVSA’s profits. 

Chevron is the only active U.S. oil company in Venezuela.

Chevron’s six-month license is not expected to increase Venezuela’s oil production by much or quickly. In October, Bloomberg cited Chevron CEO Mike Wirth as saying that it could take “months and years in order to begin to maintain and refurbish fields and equipment and change any investment activity.” 

Further decisions regarding sanctions on Venezuela will depend on whether Maduro makes good on commitments he made in the “social contract” signed with the opposition on Sunday, according to senior administration officials, as reported by the Associated Press

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News