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UPDATE: Chevron gets 2nd waiver extension to operate in Venezuela

The U.S. Treasury Department on Oct. 21 issued a 90-day waiver extension to allow Chevron Corp. and four oil field service companies to operate in Venezuela despite U.S. sanctions against the Latin American country's oil sector. The latest extension expires Jan. 22, 2020.

California-based Chevron had said earlier that it was hopeful that the Department of Treasury would grant another extension of the waiver under General License 8C so the major could maintain its partnership with affiliates of state-owned oil company Petróleos de Venezuela SA, or PDVSA, in four joint-venture operations in western and eastern Venezuela.

"We have dedicated investments and a large workforce who are dependent on our presence," Chevron spokesperson Ray Fohr said Oct. 21.

The sanctions imposed at the end of January, prevent U.S. citizens from conducting business with PDVSA and are designed to cut off a key source of funding for Venezuelan President Nicolas Maduro's regime.

The first waiver extension, which was granted in July to Chevron, Halliburton Co., Schlumberger, Baker Hughes a GE company LLC and Weatherford International PLC, was slated to expire Oct. 25.

The U.S. had been a key destination for Venezuela's oil. Before the sanctions went into effect, the U.S. imported nearly 500,000 barrels of crude oil per day from Venezuela. According to the U.S. Energy Information Administration, just 11,000 bbl/d of Venezuelan oil flowed into the U.S. in May, down from 114,000 bbl/d in April.

PDVSA subsidiary CITGO Petroleum Corp. owns refineries in Texas, Louisiana and Illinois that represent a total capacity of 749,000 bbl/d.