financetom
Business
financetom
/
Business
/
Foreign oil companies in Venezuela await US authorizations, sources say
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Foreign oil companies in Venezuela await US authorizations, sources say
Jul 29, 2025 12:17 PM

*

Maduro said a new permit for Chevron ( CVX ) would come

*

PDVSA readies future cargo deliveries, but tankers have

not

returned

*

US supports Venezuela's 'restoration of democratic order,'

Secretary Rubio said

By Marianna Parraga and Sheila Dang

HOUSTON, July 29 (Reuters) - About a half dozen foreign

partners of Venezuela's state-owned oil company PDVSA are

awaiting authorizations from the U.S. Treasury and State

departments, following talks last week about fresh licenses to

allow them to operate in the sanctioned South American country,

according to six company sources.

The companies' licenses, including a key one for U.S. oil major

Chevron ( CVX ), were revoked by President Donald Trump's

administration in March over the Venezuelan government's

response to migration issues and what Trump said was its lack of

progress toward restoring democracy.

Venezuelan President Nicolas Maduro said last week that Chevron ( CVX )

had informed his government about a fresh authorization to come,

and PDVSA began preparations to allocate oil cargoes to its

joint-venture partners in coming months, once authorized.

But companies including Chevron ( CVX ), Italy's Eni,

Spain's Repsol, France's Maurel & Prom and

India's Reliance Industries are still waiting for the

licenses, the sources said.

Most of the companies are minority stakeholders in key oil and

gas projects with PDVSA, while others including Reliance are

among Venezuela's largest buyers of oil. In the first quarter

this year, before their licenses were canceled, they were

responsible for about 40% of the country's total 881,000 barrels

per day of exports.

Some firms have informed staff and contractors in Venezuela

about permits to come, without elaborating on dates or terms,

according to two of the sources.

Chevron ( CVX ) declined to comment specifically on the licenses.

The company said it conducts its business globally in compliance

with laws and regulations, as well as the U.S. sanctions

framework.

A spokesperson for Maurel & Prom told Reuters in an email on

Tuesday that the firm has not received any license yet. Eni,

Repsol, Reliance and PDVSA did not immediately reply to requests

for comment.

Secretary of State Marco Rubio said on Sunday the U.S.

remained firm in its "unwavering support to Venezuela's

restoration of democratic order and justice."

Rubio had in May blocked a move by U.S. special envoy Richard

Grenell to extend the period in which the previous

authorizations for oil operations were allowed to wind down. He

did not refer to the oil authorizations in Sunday's release.

The Treasury Department did not immediately reply to a

request for comment on the licenses. A State Department

spokesperson said they would not comment about any specific

licenses, but the U.S. government would not allow Maduro's

administration to profit from the sale of oil.

Chevron ( CVX ) has not yet instructed tankers' owners or captains

to go to Venezuelan waters for an eventual resumption of oil

cargoes, while PDVSA's loading schedules do not show any

supplies to its joint-venture partners for July, according to

shipping documents and sources.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Why Is PACCAR Stock Gaining Today?
Why Is PACCAR Stock Gaining Today?
Oct 21, 2025
PACCAR Inc. ( PCAR ) shares are trading higher on Tuesday after the company reaffirmed its long-term investment strategy in the third quarter, emphasizing technology-driven efficiencies and steady capital spending despite softer truck sales. The company reported third-quarter earnings per share of $1.12, missing the analyst consensus estimate of $1.17. Quarterly sales of $6.107 billion missed the Street view of...
Inktavo and OrderMyGear Merge to Expand Industry-Leading Solutions for Branded Merchandise Businesses
Inktavo and OrderMyGear Merge to Expand Industry-Leading Solutions for Branded Merchandise Businesses
Oct 21, 2025
AUSTIN, Texas, Oct. 21, 2025 /PRNewswire/ -- Inktavo, the company behind InkSoft, Printavo, GraphicsFlow, SignTracker, and Clarity Software, and OrderMyGear (OMG), a leading online platform for group ordering and e-commerce in the team, promotional products, and decorated apparel markets, today announced its merger. The merger unites two category-defining innovators to create the industry's most complete suite of tools for branded merchandise...
Bed Bath & Beyond Poised for Stronger Growth as Cost Cutting Winds Down, Wedbush Says
Bed Bath & Beyond Poised for Stronger Growth as Cost Cutting Winds Down, Wedbush Says
Oct 21, 2025
11:33 AM EDT, 10/21/2025 (MT Newswires) -- Bed Bath & Beyond ( BBBY ) is poised for stronger growth as cost cutting winds down, Wedbush said Tuesday in a report. The company is consolidating Buy Buy Baby under the Bed Bath & Beyond brand and plans to unlock value from its tZERO and Medici assets, Wedbush said. Steady revenue and...
US air services provider Air T to acquire Australian regional carrier Rex
US air services provider Air T to acquire Australian regional carrier Rex
Oct 21, 2025
Oct 21 (Reuters) - U.S. aviation services provider Air T ( AIRT ) on Tuesday said it has signed a deal with the voluntary administrators of Regional Express Holdings to acquire the collapsed Australian regional airline Rex, in a transaction backed by the Australian government. The acquisition, which is subject to regulatory approvals, would see Air T ( AIRT )...
Copyright 2023-2026 - www.financetom.com All Rights Reserved