The measure would be announced by the Treasury Department after weeks of contradictory signals from Washington regarding the possible termination of license 41B on May 27. Photo: U.S. Department of the Treasury.
Guacamaya, May 24, 2025. The Trump administration plans to grant Chevron a limited license to carry out only essential maintenance and critical safety functions in Venezuela, according to Bloomberg. This information, coming from sources familiar with the matter, emerges amid the imminent expiration of the oil company’s permit to operate in the South American country.
The new license being prepared by the U.S. Treasury Department will allow Chevron to perform only minimal maintenance tasks and activities related to the security of its facilities in Venezuela. In this regard, regular operations involving production and export of crude oil would be prohibited.
If the decision is finalized, it would follow the public announcement made days ago by Secretary of State Marco Rubio, who declared that Chevron’s license would definitively expire on May 27. Rubio’s statement ruled out any extension of a license that allows for production and exports, and confirmed the tightening of U.S. policy toward Venezuela’s oil sector.
According to Bloomberg, the State Department only referred to Rubio’s comments without providing additional information. Meanwhile, the Treasury Department did not immediately respond when asked for a statement.
Previously, Richard Grenell, Trump’s Special Envoy for Venezuela, had suggested the possibility of a 60-day extension if progress was made in negotiations with Nicolás Maduro’s government. Grenell returned to the U.S. accompanied by an American veteran who had been imprisoned in Venezuela, following a meeting on the island of Antigua with representatives of Venezuelan authorities.
A more limited authorization could represent a strategic win for all parties involved, facilitating the continuation of bilateral dialogue. If realized, the new waiver is expected to closely resemble the license Chevron held until November 2022, which allowed the company and other providers to maintain a restricted presence.
It is currently unknown whether this measure would also apply to other U.S. companies operating in Venezuela whose licenses have also been revoked. Venezuela holds the largest crude oil reserves in the world but currently produces only a fraction of what it did years ago, due to lack of investment, questionable management of PDVSA, and sanctions imposed since 2019.
