Biden administration grants Chevron license to expand oil operations in Venezuela

The Biden administration on Saturday issued an expanded license to Chevron Corp, allowing it to produce petroleum or petroleum-based products produced by its joint ventures in Venezuela.
 
Under the agreement, Chevron would regain partial control of its activities in Venezuelan oil fields that it had stakes in through joint ventures with the country’s state-run oil producer, Petroleos de Venezuela SA. The joint ventures were producing about 200,000 barrels a day.
 
A senior administration official told reporters that the Venezuelan government will not receive any profits under the deal. Chevron will be prohibited from any transactions with Iran or Russian-controlled entities in Venezuela.
 
The authorization comes after the Venezuelan government and its political opposition announced Saturday plans to implement a $3 billion humanitarian program using funds unfrozen by the U.S.
 
As part of that agreement, both sides will resume talks next month in Mexico City to develop
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