The Trump administration is poised to prolong Chevron Corp.'s authorised operations in Venezuela by an additional 60 days, as Washington continues sensitive talks with President Nicolás Maduro’s government regarding American detainees, a source familiar with the matter said, Bloomberg reported. 

The extension had been expected to be announced on May 20, said Bloomberg's source, coinciding with a visit by Richard Grenell, President Donald Trump’s envoy, to Antigua for discussions with Venezuelan officials, according to the source who requested anonymity due to the confidential nature of the talks. But no announcement was made on May 20.

During a previous meeting with Venezuelan leaders in January, the US envoy had achieved the resumption of repatriation flights between the two countries.

The original deadline for Chevron, granted by the US Treasury, was April 3, but the deadline had already been extended to May 27 once to allow the company to maintain its presence amid ongoing negotiations. 

Last February, the US president said the permits, originally granted by the Biden administration in November 2022, would be terminated with "no option for renewal."

And a month later, Trump announced a sweeping 25% tariff on any country purchasing oil or gas from Venezuela, ramping up pressure on the South American country and its international trading partners.

Following the news of the anticipated extension, Venezuelan government and state oil company bonds rallied, with 2031 dollar-denominated sovereign bonds gaining 0.5 cents at their session peak.

Chevron, operating a number of joint ventures with Venezuelan state oil company PDVSA under a Treasury exemption despite broader sanctions, has become a critical pillar of the oil-rich country's faltering economy. 

The company’s recent output increases now account for roughly 20% of national oil production, injecting much-needed foreign currency into Venezuela’s private sector. 

Meanwhile, Joseph St. Clair, a former US Air Force technical sergeant, was freed after several months in Venezuelan custody, his family confirmed in a statement, AP reported. 

Detained in November while seeking treatment for post-traumatic stress disorder, St. Clair was handed over to Richard Grenell in Antigua, marking a diplomatic breakthrough. 

"Joe St. Clair is back in America," Grenell wrote on X, confirming he had met Venezuelan officials in a neutral country earlier in the day to carry out negotiations.

The 33-year-old veteran had crossed the Colombia-Venezuela border with a friend when Venezuelan authorities arrested him. 

His father, Scott St. Clair, described the detention as effectively a kidnapping and accused Venezuelan officials of exploiting American detainees as leverage to gain concessions and soften US sanctions. 

St. Clair served nine years in the Air Force, including four deployments to Afghanistan, before retiring honourably in 2019.

The family publicly acknowledged the critical role played by the Trump administration and envoys Richard Grenell and Sebastian Gorka in securing his release. 

“This news came suddenly, and we are still processing it, but we are overwhelmed with joy and gratitude,” Scott and Patti St. Clair said, as quoted by CNN.