US oil major Chevron is continuing to push for more operational freedom in Venezuela, but there are doubts that more crude exports are on the cards any time soon.
Sources told Reuters that Chevron wants to revive production and resume trading Venezuelan oil, in what would be a boost for tanker demand.
The company has asked the US government to expand its licence in the sanctioned South American country after Chevron agreed to revamp its joint ventures with state-run oil company Petroleos de Venezuela SA (PDVSA).
French shipbroker Barry Rogliano Salles (BRS) said the move suggests an increase in Venezuelan output at a time when non-Russian sour crude is scarce.
Chevron’s operations have reportedly been scrutinised by the US treasury department’s Office of Foreign Assets Control.
But BRS added: “There appears little chance of the US easing sanctions on PDVSA, which would help to increase US exports of much-needed diluent to Venezuela.”
In May, Chevron gained US approval to negotiate with Venezuelan officials.
But its chances of winning greater freedom there may hinge on the result of talks between President Nicolas Maduro and the country’s opposition.
Millions of barrels of Venezuelan oil are potentially available to help fill the Russian void in Europe and the US following the invasion of Ukraine.
Debt to be repaid?
An expanded licence could also allow Chevron to claw back some of the billions of dollars in unpaid debts from its four joint ventures, Reuters reported.
Chevron has said only that it complies with the sanctions framework.
In June, it was reported that Venezuelan oil could soon be heading to Europe.
Italian company Eni and Spain’s Repsol were given the green light by US authorities to resume shipments, sources told Reuters.
But the volume of oil Eni and Repsol are expected to receive is not large, they added.
