The Trump administration is allowing Chevron to continue operating in Venezuela at least until October despite US sanctions aimed at ousting President Nicolas Maduro by choking off revenue from the world’s largest crude reserves.
Friday’s action gives Chevron until October 25, when the US Treasury Department will decide again whether to revoke or renew the licence for a second time.
The licence was originally issued in January for six months.
Chevron did not immediately respond to an inquiry seeking comment.
Chevron has operated in the South American country for almost a century and its four joint ventures with state-run oil monopoly PDVSA currently produce about 200,000 barrels a day.
That is about a quarter of Venezuela’s total production in June.