Chevron (NYSE:CVX) has recently received authorization from the U.S. Treasury Department to resume oil production in Venezuela. Despite getting this permission, the energy giant is unlikely to increase the global oil supply soon as it has to take on maintenance work for machinery and oil fields. Furthermore, Chevron is required to collect the debt from the state-run oil company, Petróleos de Venezuela SA (PdVSA), before making any investment in new fields. The debt relates to Chevron’s share of profits from oil sales after the 2020 U.S. sanctions, which made it halt all drilling activities in the area. The debt collection may take about two to three years.
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