(Daniel Acker/Bloomberg News)
The Trump administration extended Chevron Corp.’s deadline to halt its operations in Venezuela, following lobbying efforts by the Texas-based oil giant.
U.S. officials granted Chevron through May 27 to wrap up its operations with state-owned driller Petroleos de Venezuela SA, according to a notice posted on the U.S. Treasury Department website.
Chevron, the only U.S. oil company still in Venezuela, has been allowed to operate there despite U.S. sanctions under a waiver from the U.S. Treasury. The company produces about one-fifth of Venezuela’s crude output, making it a crucial force in the nation’s beleaguered economy.
The U.S. had initially set an April 3 deadline for Chevron to finish in Venezuela, giving the company just 30 days instead of the normal six-month wind-down period.
The narrow time frame was an unexpected blow to Venezuela President Nicolas Maduro, significantly ratcheting up pressure on him to quickly make a deal with the Trump administration over democratic reforms and to accept more migrants from the U.S.
Chevron CEO Mike Wirth brought up a possible extension during a meeting March 19 with President Donald Trump and other oil executives at the White House.
