A worker from Venezuela’s national oil company PDVSA operates a pumpjack at Lake Maracaibo in Cabimas, Venezuela, on January 27, 2026.
Leonardo Fernández Viloria | Reuters
The Trump administration could issue general permits to companies producing oil and gas in Venezuela as early as this week, a person familiar with the plan told CNBC on Tuesday.
chevron The company is currently the only U.S. company authorized to pump oil in Venezuela under a special license issued by the Treasury Department. Chevron has several joint ventures with state oil company Petroleos de Venezuela (PDVSA).
President Donald Trump is pressuring the oil industry to invest at least $100 billion to fix Venezuela’s energy industry after the United States detained former President Nicolas Maduro on January 3.
“The President’s team is working around the clock to ensure that oil companies can invest in Venezuela’s oil infrastructure,” White House Press Secretary Taylor Rogers said in a statement. “Stay tuned for future developments.” Bloomberg first reported the news.
The Treasury Department last week issued a general permit allowing U.S. companies to buy, sell, transport and refine Venezuelan crude oil, among other activities. However, that license did not include upstream production. The companies were previously prohibited from such activities due to U.S. sanctions.
Last week, the Venezuelan government also passed reforms that loosen state control over the oil industry and give private companies more autonomy.
The oil industry’s reaction to investing in Venezuela has been mixed. exxon mobil CEO Darren Woods told President Trump at the White House on January 9 that the country needs major reform and that the current system “doesn’t allow investment.” Exxon’s assets have been seized twice by the Caracas government.
Private wildcatters and small shale oil companies are showing more enthusiasm about the South American country’s potential opportunities.
Chevron CEO Mike Wirth told CNBC last week that the company could increase production in Venezuela by 50% over the next 18 to 24 months if it receives U.S. approval. The company currently produces about 250,000 barrels per day in the South American country.
Venezuela is a founding member of OPEC and is thought to have the world’s largest oil reserves.
