The United States is moving rapidly to grant Chevron an expanded license to boost its natural gas and oil production and exports from Venezuela, US Energy Secretary Chris Wright told Reuters on Friday.
Under the proposed changes, Chevron would be permitted to pay royalties and taxes in cash rather than crude. This shift enables the company to market 100% of the oil it produces in the country, removing the current restriction that limits exports to approximately 50% of output.
The move comes as the administration of President Donald Trump seeks to revive Venezuela’s oil industry following the removal of former President Nicolás Maduro by U.S. forces on Jan. 3, 2026.
Industry sources indicate that Chevron is expected to receive the expanded authorization shortly after entering discussions with the Trump administration to broaden the key authorization.
Wright said Washington has also begun marketing stranded Venezuelan crude, securing higher prices than before, with proceeds held in US-controlled accounts as authorities navigate sanctions and banking restrictions.
Chevron ranks among the world’s top integrated energy firms, producing crude oil and natural gas while manufacturing transportation fuels, lubricants, petrochemicals, and additives. The company also develops technologies to advance its operations and the broader energy sector.
