Trump ends Chevron/Venezuela oil-production licence

REPORTS coming out of Washington DC have indicated that US President Donald Trump has reversed concessions given to Venezuela by former president Joe Biden, that allowed Chevron to expand its production in Venezuela and bring the country’s crude oil to the United States.

A Reuters report said Trump made the announcement in a post on Truth Social, saying that he was “reversing the concessions” of the “oil transactions agreement, dated November 26, 2022.”

"We are hereby reversing the concessions that crooked Joe Biden gave to Nicolas Maduro, of Venezuela," he said in his Truth Social post.

He said the concessions had something to do with electoral conditions within Venezuela which have not been met by the Maduro government.

"Additionally the regime has not been transporting the violent criminals they sent into our country (the good ole' USA), back to Venezuela at the rapid pace they agreed to. I am therefore ordering that the ineffective and unmet Biden 'Concession Agreement' be terminated as of March 1."

On November 26, 2022 the Biden Administration granted Chevron a licence to expand production to Venezuela. Despite Trump not mentioning Chevron in his post, Reuters said it was the only license issued by the US Government that day.

The US Government, when asked by reporters whether it was the Chevron deal, did not immediately respond.

TT currently has permissions and exemptions to operate in gas fields that straddle the TT/Venezuela border, such as the Loran/Manatee and the Manakin/Cocuina fields.

In 2023, the US, under the Biden administration waived sanctions to allow for TT to develop the Dragon Gas field. An OFAC waiver was also granted. In January 2024, the Prime Minister announced the signing of a license by Venezuela, which was done in December 2023.

But concerns began go pop up, after Trump won the November 5 US presidential elections.

On February 10, the Prime Minister expressed his intention to go to the US to speak to Trump on the importance of the licenses to TT, during a keynote speech at the 2025 Energy Conference at they Hyatt Regency in Port of Spain.

Another Reuters report on February 25 said TT was expected to ask the US government for an extension on the exemptions.

Newsday contacted the Energy Chamber for comment, but it declined to speak on the development at this point in time.