<p>MIAMI &mdash; The Biden administration on Tuesday gave Chevron Corp. and several other American companies six more months to wind down their operations in Venezuela.</p>
<p>The special <a href="https://home.treasury.gov/system/files/126/venezuela_gl8h_0.pdf">license exempting the companies from U.S. sanctions comes </a> as the Biden administration reviews the U.S. policy that seek to starve President Nicolás Maduro’s socialist government of badly needed oil revenue. </p>
<p>It allows Chevron and other companies, including Halliburton and Schlumberger, until Dec. 1 to carry out essential work on oil wells that preserves its assets and employment levels in the South American nation. It leaves unchanged a ban in place since last year prohibiting the companies from producing or exporting oil. The earlier license, also for six months, was set to expire June 3. </p>
<p>California-based Chevron is the last major U.S. oil company to do business in crisis-wracked Venezuela, having first invested in the country in the 1920s. </p>
<p>Venezuela sits atop the world’s largest oil reserves, yet its political upheaval and economic crunch have led more than 5 million people in recent years to flee their country, where many lack basic services like running water, electricity, gasoline and functioning hospitals.</p>
<p>Like the Trump administration, the Biden White House has harshly denounced Maduro as a “dictator” and continues to press for free and fair elections after the opposition sat out the 2018 vote when several candidates were barred from running. </p>
<p>At the same time, Biden has shown some support for attempts at dialogue between Maduro and members of the opposition. Opposition leader Juan Guaido — whom the U.S. recognizes as Venezuela’s rightful president — has said sanctions relief should be part of any such talks.</p>
<p>Chevron’s net daily production in 2019 as a result of joint ventures with state-owned PDVSA averaged 35,300 barrels of crude oil, equal to roughly 6% of Venezuela’s total production. </p>