08:34 AM EDT, 05/28/2025 (MT Newswires) -- Chevron ( CVX ) received permission from the Trump administration to maintain assets in Venezuela, including its stakes in Venezuelan oil joint ventures despite US sanctions on the Latin American nation, Reuters reported Wednesday, citing sources with knowledge of the matter.

Under the authorization, Chevron ( CVX ) cannot operate oilfields in the country, expand operations or export Venezuelan oil, the report said.

The administration allowed a broader license that Chevron ( CVX ) had to operate in the country expire, according to the report.

"General License 41B has expired," a spokesman for Chevron ( CVX ) said in a statement emailed to MT Newswires. "Chevron's ( CVX ) continued presence in Venezuela remains in compliance with all applicable laws and regulations, including the sanctions framework provided for by the US government."

The US Treasury Department did not immediately reply to MT Newswires' request for comment.

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