WASHINGTON, July 26 (Reuters) - The Trump administration said on Friday it will renew Chevron Corp’s license to drill for oil and gas in Venezuela despite sanctions, signaling it sees value in having the U.S. oil producer operate in a country on the verge of economic and political collapse.
The Treasury Department said it will renew the license for three months for Chevron, the last U.S. oil company operating in Venezuela, a member of the OPEC producer group. The license runs through Oct. 25, 2019.
The United States imposed heavy sanctions on Venezuela early this year in an effort to force out Venezuela’s socialist President Nicolas Maduro. Other U.S. oil field companies had been given licenses despite the sanctions but all have largely halted operations there because of the instability. (Reporting by Timothy Gardner; Editing by David Gregorio)