The U.S. Treasury Department on Saturday granted permission for Chevron Corp, th...
CARACAS - The U.S. Treasury Department on Saturday granted permission for Chevron Corp, the last major U.S. oil company operating in Venezuela, to continue working in the country until April 22.
The restrictions cut Venezuela’s oil exports by 32% last year, but Maduro has remained in power, supported by PDVSA and the country’s military. The U.S. oil company’s Venezuelan oil and gas production has been falling and was about 32,000 barrels per day during the most recent quarter for which figures were available.
Representatives for Baker Hughes, Halliburton and Schlumberger were not immediately available to comment. The oil export does not violate sanctions and its proceeds will cover maintenance costs at a joint venture, Chevron said.
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