Chevron Corporation has secured a 30-day extension from the U.S. government to conclude its operations with Venezuela’s state-owned Petroleos de Venezuela SA (PDVSA), moving the deadline from April 3 to May 27.
The extension follows intense lobbying by Chevron and other oil executives at a White House meeting, where they emphasized the need for energy stability, according to Zacks Equity Research.
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Initially, President Donald Trump had set a one-month timeframe for Chevron’s exit, departing from the usual six-month period granted to companies.
The extension was granted despite Trump’s recent decision to revoke Chevron’s license to export oil from Venezuela, due to Nicolás Maduro’s failure to meet democratic conditions for the country’s 2023 presidential election.
Trump announced the revocation of the license via Truth Social, stating that Maduro’s slow action in facilitating the return of Venezuelan migrants contributed to the decision.
Chevron’s operations accounted for 20% of Venezuela’s oil production, providing vital economic support. Analysts believe the U.S. pressure may push Maduro to return to negotiations with the Trump administration.
