MercoPress. South Atlantic News Agency

Chevron cleared to resume Venezuelan operations

Chevron had stopped producing crude oil in May in compliance with a White House decision

President Nicolás Maduro confirmed on Thursday that US oil company Chevron has been authorized to fully resume its operations in Venezuela after months of suspension due to Washington's sanctions.

 Maduro stated that Chevron has been “notified to resume its operations on a legal basis” and is “welcome in Venezuela.” He also highlighted that despite the period of restrictions and “blackmail,” Venezuelan oil activity grew by 12% in recent months without the need for foreign licenses. In June, Venezuelan oil production reached 1,069,000 barrels per day, according to data from the Organization of Petroleum Exporting Countries (OPEC).

The Bolivarian leader also reiterated his call for all international companies to operate in Venezuela within a framework of mutual respect and noted that working groups were already in place for Chevron's reincorporation. He also hoped for another 100 years of Chevron's presence in Venezuela, where it has operated for 102 years.

Maduro's announcement came shortly after the Donald Trump administration greenlighted Chevron's return. This development follows a recent agreement between Caracas and Washington involving a prisoner exchange, where 252 Venezuelan migrants were repatriated from El Salvador and Venezuela released 10 US citizens incarcerated in the South American country.

While Maduro did not directly confirm if Chevron's license was part of this exchange, he emphasized that diplomatic and commercial relations should proceed “with mutual respect and without blackmail.”