The Trump administration is reportedly set to extend the deadline given to Chevron to cease its operations in Venezuela after lobbying from the oil giant, Bloomberg reported on Thursday.
Citing people familiar with the matter, the outlet detailed that the company will get at least 30 more days. At the moment it is required to cease operations by April 3, but recent reporting showed that contractors were still operating by mid march, with local service companies working for three of Chevron's joint ventures with state-run oil company PDVSA not slowing down their work at that time.
Chevron local work to maintain wells, supply power generators and operate small drills and specialized equipment, and they had not received guidance to move toward that direction.
Chevron CEO Mike Wirth discussed a potential extension in a meeting with President Donald Trump and other oil executives at the White House on Wednesday, with Trump reportedly being open to the idea.
Chevron ramped up production in the South American country over the past years, now representing about a fifth of its overall output. Its activities have helped prop up Venezuela's battered economy. Critics have argued that the company's operations are providing a lifeline to an authoritarian regime that has encroached to power.
The Trump administration is also set to expand its economic offensive against the country, pressuring more companies to cease their operations in the South American country.
Bloomberg reported earlier this month that officials have anticipated several companies about upcoming revocations of their licenses, telling them they will have 30 days to end operations after the notification. French oil producer Etablissements Maurel & Prom SA and Spanish oil giant Repsol are among them.
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