Chevron gets back to work in Venezuela

But Washington’s apparent detente with Caracas is unlikely to bolster global crude supplies significantly any time soon

Chevron and Venezuela’s state-owned Pdvsa have signed fresh contracts for their joint operations, shortly after the US Treasury Department’s Office of Foreign Assets Control (Ofac) granted the US firm a licence authorising some activities in the sanctioned South American country. Venezuelan petroleum minister Tareck el-Aissami and Javier la Rosa, president of Chevron Venezuela, signed agreements in Caracas in late November “for the continuation of the operations and production activities” of Chevron in Venezuela, state-owned TV channel VTV reported. Chevron, meanwhile, confirms Ofac has granted it a licence that “authorises the production and lifting of petroleum or petroleum products produc