Chevron is in discussions with the US government to expand its license to operate in Venezuela, aiming to boost crude exports to its own refineries and sell to other buyers, according to four sources familiar with the talks.
The negotiations come as Washington and Caracas move forward on plans to supply up to 50 million barrels of Venezuelan oil to the United States.
President Donald Trump has encouraged US oil companies to invest in Venezuela's energy sector as part of broader efforts to stabilize the region.
US officials have said that proceeds from the Venezuelan oil will go to a US-overseen trustee, intended to fund the shipment of American goods to Venezuela.
Chevron is currently the only US oil major operating in the country under a special license that exempts it from sanctions on Venezuela.
In July, the Trump administration tightened Chevron's license, reducing the company's crude exports to the US from 250,000 barrels per day (bpd) earlier this year to roughly 100,000 bpd in December, Yahoo reported.
The restrictions also prevented Venezuela's state oil company, PDVSA, from receiving proceeds from Chevron's sales.
Expanding the license would allow Chevron to return to its previous export levels while supplying Venezuelan crude to partners who could ship it to destinations outside the United States.
Some former business partners, including an Indian refiner, are reportedly exploring the resumption of oil loadings in Venezuela, according to sources.
BREAKING: American oil giant Chevron is now hiring for new positions in Venezuela.
— George (@BehizyTweets) January 8, 2026
According to reports, they are currently negotiating an expanded U.S. license to boost production in Venezuela. They want to increase exports to their own refineries and sell to other buyers. pic.twitter.com/7TbLisTtpA
Chevron-Alone Status May Change
Washington is also encouraging other US companies, including Valero Energy, Exxon Mobil, and ConocoPhillips, to participate in Venezuelan oil exports.
According to Reuters, Valero previously purchased Venezuelan crude from PDVSA, while Exxon and Conoco lost assets in the country decades ago.
The possible involvement of these companies has added tension to the Caracas-Washington discussions, industry sources said.
Chevron, Valero, Exxon, and Conoco did not immediately respond to requests for comment.
A spokesperson for the US Treasury Department said, "While we do not comment on specific licenses or licensing requests, the United States Treasury is fully committed to supporting President Trump's efforts on behalf of the people of Venezuela."
PDVSA confirmed it is negotiating with the US to export oil under terms similar to those offered to Chevron.
A board member said the company expects to sell oil at market prices and emphasized that all transactions are "strictly commercial, legal, transparent, and beneficial for both parties."
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