The authorized shipments could give a boost to Venezuela’s crude exports, which have remained almost unchanged since 2021
• On November 26th, The U.S. Department of the Treasury issued Venezuela General License (GL) 41, authorizing Chevron to resume limited natural resource extraction operations in Venezuela.
• The U.S. Government states, "The license aims to provide targeted sanctions relief based on concrete steps that alleviate the suffering of the Venezuelan people and support the restoration of democracy.” However, some argue that the license was granted as a reward to Caracas for agreeing to resume talks with the political opposition.
• Chevron plans to export its first cargo of Venezuelan heavy oil this month to its refinery in Pascagoula, Mississippi.
• The cargo will transport 500,000 barrels of heavy oil proceeding from the Petropiar oil joint venture operated by both companies. State-owned Petroleos de Venezuela SA (PDVSA) owns 70% of the venture, while Chevron owns 30%.
• The tanker scheduled to carry the shipment, the Bahamas-flagged Caribbean Voyager, was waiting to load near Port of Jose in northeastern Venezuela.
• The Petropiar oil field is located in Eastern Venezuela, in the Orinoco Belt, and produces a heavy crude oil of 8.7 API
Source: Chevron – Highlights of activities in Venezuela