The Biden administration granted Chevron a license to resume oil production in Venezuela after U.S. sanctions halted all drilling activities almost three years ago.
The reprieve followed the resumption of talks by Venezuela’s political factions on Saturday with a deal to work together on a humanitarian spending plan.
Chevron received a six-month license from the U.S. Office of Foreign Assets Control, OFAC, that authorizes the company to produce crude oil and petroleum products in its projects in Venezuela, according to a general license from the U.S. Treasury Department. While no new drilling is authorized, the company will be able to repair and do maintenance of oil fields.
