According to sources familiar with the talks, the US Administration is currently reviewing a request from Chevron to potentially allow the company to take and trade crude from Venezuela as a form of payment for millions of dollars owed by the South American producer to Chevron for its joint ventures there.

Chevron is the last American oil corporation with employees and offices in Venezuela, and it has a joint venture with PDVSA, the country’s state-run oil business. Chevron is currently lobbying President Biden for sanctions relief and the authority to take and trade Venezuelan crude to recoup dividends and payments owed by the joint venture with PDVSA.

The negotiations are being led by Javier La Rosa, the CEO of Chevron’s Venezuelan branch, and Asdrubal Chavez, the president of PDVSA, according to anonymous sources. In exchange for debt relief, PDVSA and the US supermajor explored giving the US supermajor more control over the joint venture. The conversations are now informal because Chevron would need a sanctions waiver to make any public commitments.

Chevron and PDVSA operate four oilfields together. Before the US sanctions, these produced around 200,000 bpd, according to Bloomberg. They are now generating roughly 140,000 bpd, according to the report.