US President Donald Trump’s administration is considering extending an April deadline for Chevron to wind down operations in Venezuela after he suspended a controversial oil licence in late February.
The news comes after Chevron leadership has been lobbying the White House to extend the deadline by at least 60 days, the Wall Street Journal reported.
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Chevron chief executive officer Mike Wirth attended a meeting with Trump and other oil executives in the White House on Wednesday 19 March, where the President expressed openness to an extension, people familiar with the matter said.
“Chevron executives meet regularly with government officials in Washington to engage constructively on issues related to our business – both in the US and abroad,” company spokesman Bill Turenne said. “As we have said before, Chevron conducts its business globally in compliance with all laws and regulations, including any sanctions frameworks provided for by the US Government.”
In late February, Trump announced he would terminate the licence that allows Chevron to operate in Venezuela despite wide-ranging sanctions. He then set a 30-day deadline for the company to start dismantling its operations in Venezuela, set to expire on 3 April.
The potential 60-day extension could also see the administration impose sanctions that would punish other countries that conduct business in Venezuela, a source told Reuters.
The licences have also become embroiled in Trump’s immigration agenda.
After the US elections in November, there were reports that oil executives were lobbying Trump to secure an ‘oil for migrants’ deal, where Venezuela would accept deportation flights from the US and Chevron would keep its ability to pump oil in the South American country. In the past few years, Venezuela has only periodically accepted deportation flights from the US, an essential part of Trump’s aim to deport illegal migrants (although recent cases have caused fear amongst foreign-born legal residents as well).
After wide-ranging sanctions were imposed on Venezuela during Trump’s first term, Chevron obtained a licence in 2022 to restart operations. The company had billions in outstanding debts in Venezuela, but the licences have been criticised for providing a source of hard currency to Nicolas Maduro’s regime, which is widely recognised as a dictatorship. US Secretary of State Marco Rubio has been highly critical of the licences.
