Chevron, along with Vitol and Trafigura, is seeking contracts from the U.S. government to arrange oil exports from Venezuela. Reuters reported this, citing sources.
The companies’ interest is linked to Washington’s plan to take unrestricted control over Venezuelan oil trade and the country’s revenues. Reuters writes that the plan is being considered in the event of a scenario in which President Nicolás Maduro is removed from power.
As part of the talks, participants are vying for the right to sell up to 50 million barrels of oil stockpiled at state-owned PDVSA storage facilities. The parties are said to be continuing negotiations, but details have not been disclosed.
Chevron, the only major U.S. oil company still operating in Venezuela, hopes to expand its license. However, for the first time in many years it is facing direct competition from foreign players.
Switzerland’s Vitol, meanwhile, has already secured an initial 18-month license from the U.S. Reuters notes that due to sanctions and years of underinvestment, Venezuela’s oil output has fallen sharply and is now around 1 million barrels per day. In the 1970s, it reached 3.5 million barrels per day.
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