General license No. 41, issued by the US Office of Foreign Assets Control (OFAC), was automatically renewed on Saturday, allowing the US oil company Chevron to continue conducting a group of operations in Venezuela.

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On 25 February, President Trump declared that he would end the oil export licenses authorized by Biden. He stressed that they will cease to be effective from 1 March, something which finally did not happen.

This OFAC’s license was issued on March 1, 2022, during the Biden administration (2021-2025) and is automatically renewed for six months.

Its last renewal took place on 1 February and would be valid until the next 1 August, although media speculate that OFAC could change the terms in the coming days.

The automatic renewal of LG41 entails the authorization of certain transactions related to joint ventures of Chevron Corporation in Venezuela.

Permitted operations include the production and survey of oil or petroleum products produced by joint ventures of the US company, and any maintenance, repair or service related to Chevron’s joint ventures.

Sale, export or import to the USA is also authorized. of oil or petroleum derivatives produced by Chevron joint ventures, provided that these products are first sold to Chevron.

In addition, the company’s activity is permitted to ensure the health or safety of personnel or the integrity of operations or assets of Chevron joint ventures in Venezuela.

In the last two years, Chevron has increased its participation in joint ventures on Venezuelan territory, reaching to export about 240,000 barrels per day (bpd) from Venezuela (more than a quarter of the Caribbean country’s oil production).

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