While the US is allowing Chevron and four US oil companies to continue to operate in Venezuela to prevent the complete collapse of the South American nation’s oil sector, recovery will take years, Elliott Abrams, the US State Department’s special representative for Venezuela, said Wednesday. The Chevron waiver was issued “to make it easier for them to help in the recovery of oil production after the regime is replaced and there’s a return to democracy,” Abrams told reporters. “But I think we shouldn’t be under any illusions, that’s going to be a multiyear project because the amount of investment by this regime has been pitiful.” The US Treasury Department last month extended a waiver allowing Chevron, Halliburton, Schlumberger, Baker Hughes and Weatherford International to continue certain work with PDVSA, Venezuela’s state-owned oil company, while US sanctions are in place. The waiver was extended until January 22, but […]