U.S. to extend Chevron-Venezuela deadline by at least 30 days, sources say

(Bloomberg) – The Trump administration is poised to extend Chevron Corp.’s deadline to halt its Venezuela operations for at least another 30 days, following lobbying efforts by the Texas-based oil giant, people familiar with the matter said.

U.S. officials have already indicated to Chevron that it will get more time to wrap up its operations with Venezuela’s state-owned driller Petroleos de Venezuela SA beyond a 30-day deadline that expires April 3, but haven’t given exact details on how much more time it will have, the people said. 

Chevron CEO Mike Wirth brought up a possible extension during a meeting Wednesday with President Donald Trump and other oil executives at the White House. At that meeting, Trump expressed openness to the idea, according to another person familiar with the matter. 

A White House official declined to comment on the specifics of the president’s private meetings and said there is no new announcement on Chevron at this time. Spokespeople for the State Department and Treasury Department didn’t immediately respond to requests for comment.

“Chevron executives meet regularly with government officials in Washington to engage constructively on issues related to our business — both in the U.S. and abroad,” Chevron spokesman Bill Turenne said. “As we have said before, Chevron conducts its business globally in compliance with all laws and regulations, including any sanctions frameworks provided for by the U.S. government.”

The Trump administration issued the deadline earlier this month to pressure President Nicolas Maduro’s autocratic regime to make democratic reforms and accept more migrants from the U.S.

See also: Chevron's Venezuela oil contractors continue work despite impending Trump deadline

One condition of the extension will be that any taxes and royalties go to helping pay for migrant deportations, rather than the Maduro regime, one of the people said.

The Maduro government briefly halted acceptance of U.S. deportation flights in retaliation for the move against Chevron. However, flights resumed on March 14, according to Maduro’s top negotiator, Jorge Rodríguez. 

Chevron produces about one-fifth of Venezuela’s crude output and generates a significant proportion of the nation’s hard currency.