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US Extends Chevron’s Deadline to Wrap Up Venezuela Operation
Oil Giant Has Until May 27
The Trump administration extended Chevron Corp.’s deadline to halt its operations in Venezuela, following lobbying efforts by the Texas-based oil giant.
U.S. officials granted Chevron through May 27 to wrap up its operations with state-owned driller Petroleos de Venezuela SA, according to a notice posted on the U.S. Treasury Department website.
Chevron, the only U.S. oil company still in Venezuela, has been allowed to operate there despite U.S. sanctions under a waiver from the U.S. Treasury. The company produces about one-fifth of Venezuela’s crude output, making it a crucial force in the nation’s beleaguered economy.
The U.S. had initially set an April 3 deadline for Chevron to finish in Venezuela, giving the company just 30 days instead of the normal six-month wind-down period.
The narrow time frame was an unexpected blow to Venezuela President Nicolas Maduro, significantly ratcheting up pressure on him to quickly make a deal with the Trump administration over democratic reforms and to accept more migrants from the U.S.
Chevron CEO Mike Wirth brought up a possible extension during a meeting March 19 with President Donald Trump and other oil executives at the White House.
