Chevron Corp. is preparing to take operating control of its joint ventures in Venezuela if Washington relaxes sanctions on Caracas to boost crude supplies after banning Russia's oil imports, according to three people familiar with the situation.
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The US oil major has begun assembling a trading team to market oil from Venezuela, two of the people said. If US approvals are received, Chevron aims to expand its role in the four joint ventures it shares with state-run company PDVSA, they added.
Chevron has asked the US government for a license broad enough to have a greater say at its joint ventures in Venezuela, a first step to recovering crude output and exports, and to control where oil is sent, the three people said. Since 2020, Chevron has delegated most decision making to state-run PDVSA.
US officials have made clear, however, that any new authorization will depend on whether Venezuelan President Nicolas Maduro takes further political steps, two sources said, such as releasing more jailed Americans and setting a firm date for resuming negotiations with the Venezuelan opposition.
