The Biden administration is close to granting a license to Chevron to resume pumping oil in Venezuela, following previous reporting that President Joe Biden would ease sanctions on the socialist country to allow the U.S. oil company to continue production.
Chevron has retained stakes in Venezuelan oil fields through its joint ventures with Venezuela’s state-run oil company Petróleos de Venezuela SA (PDVSA), The Wall Street Journal reported. The new license would allow Chevron to regain partial control of its production and maintenance in Venezuela.
The new license is contingent on an expected announcement from the Venezuelan government and its political opponents to implement a $3 billion humanitarian program using funds recently unfrozen by the U.S., and to resume talks to resolve the socialist country’s political crisis by implementing free and fair elections, the Journal reported.
The license would not be permanent and would require renewal in the future, but once granted, it…
