The Venezuelan government has given U.S. oil company Chevron the go-ahead to fully restart its operations in the country, ending a suspension that began in May due to U.S. sanctions.

President Nicolás Maduro confirmed the decision on Thursday, saying Chevron had been officially notified and welcomed back. He emphasized that Venezuela’s oil industry had managed to grow by 12% during the suspension, reaching over one million barrels per day in June, according to OPEC figures—without relying on foreign licenses.

Maduro said Venezuela remains open to international companies willing to operate on the basis of mutual respect and legal compliance. He noted that working groups are already in place to support Chevron’s return and expressed hopes the company will continue operating in Venezuela for another century.

The move follows a recent agreement between Venezuela and the U.S. that included a prisoner exchange: 252 Venezuelan migrants were repatriated from El Salvador, while 10 detained U.S. citizens were released by Caracas. While Maduro did not explicitly link Chevron’s license to the exchange, he stressed that future diplomatic and economic relations must be built on respect, not pressure.

Chevron, which has been active in Venezuela for over 100 years, is now set to rejoin the country’s oil sector under new terms.