US president Joe Biden’s administration will keep intact the broader sanctions policy toward Caracas and maintain restrictions on Chevron’s operations in Venezuela for another six months.
By Argus Media – Haik Gugarats
May 27, 2022
The US Treasury Department on 27 May extended a sanctions waiver for Chevron and services companies Schlumberger, Halliburton, Baker Hughes and Weatherford to maintain a minimal presence in Venezuela. The waiver, which will be in effect until 1 December 2022, maintains strict conditions designed to prevent Chevron from drilling, lifting, purchasing or processing Venezuelan-origin crude or oil products.
The administration just last week hinted at a possible relaxation in the terms of Chevron’s operations – the oil major under a separate authorization will be allowed to engage in talks with state-owned PdV on its future activities in Venezuela. PdV is the majority shareholder in a group of joint ventures with Chevron with assets in Venezuela.
In 2020, Washington barred Chevron from selling crude from the joint ventures and forced it to stop importing diesel into Venezuela. PetroPiar and PetroBoscan in western Venezuela were the only joint venture operations that were active in 2020.
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Read More: Argus Media – US extends curbs on Chevron’s Venezuela presence
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