U.S. Extends Chevron's License to Operate in Venezuela
26 Julio 2019 - 12:13PM
Noticias Dow Jones
By Bradley Olson and Ian Talley
The Trump administration extended a license to let Chevron Corp.
remain in Venezuela until October, siding with officials who argued
that the company's absence would put U.S. energy companies at a
disadvantage and not significantly advance Washington's goal of
ousting Venezuela's president.
The license allowing Chevron and several oilfield services
companies to continue operating in the country was set to expire on
Saturday, sparking considerable debate within the U.S.
administration over whether to extend it, people familiar with the
matter said.
Some U.S. officials see a Chevron departure as an essential step
in the American-led effort to use economic pressure and isolation
to force out Venezuelan President Nicolás Maduro. Others worry that
Chevron's departure could lead to a greater role for Chinese and
Russian operators in the country, and make it harder for American
firms to regain a foothold in the future.
U.S. officials ultimately decided to let Chevron remain in
Venezuela, where it has operated for nearly a century, until Oct.
25. Chevron's mandate, which had already been extended six months
earlier this year, could later be further extended.
Chevron pushed for license renewal, with spokesman Ray Fohr
saying earlier this week that the company was hopeful it would be.
"We are a constructive presence in the country," he said in a
statement." Chevron on Friday said its Venezuela operations
"continue in compliance with all applicable laws and
regulations."
Chevron operates a number of projects jointly with Venezuela's
state oil company, Petróleos de Venezuela SA, that have managed to
maintain production levels even as output has fallen in other
areas. For years, the joint operations with Chevron and other
companies have been a critical cash lifeline for the country.
Chevron's share of production from Venezuela was 44,000 barrels
of oil and gas a day last year, less than 2% of its global output
total.
U.S. sanctions have had a punishing effect on Venezuela's oil
industry, with production falling by almost half since January to
an estimated 690,000 barrels a day, according to the U.S. Energy
Information Administration.
Venezuela is in the throes of a humanitarian crisis driven by
poor economic management, corruption and U.S. sanctions that have
all led to precipitous economic decline and runaway inflation.
Violence and shortages of food and medicine have prompted a mass
exodus to other countries.
--Rebecca Elliott contributed to this article.
Write to Bradley Olson at Bradley.Olson@wsj.com and Ian Talley
at ian.talley@wsj.com
(END) Dow Jones Newswires
July 26, 2019 12:58 ET (16:58 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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