Adds context in paragraph 6, analyst comment in paragraph 13, details in paragraphs 11-12

By Sheila Dang, Marianna Parraga and Arathy Somasekhar

HOUSTON, Aug 1 (Reuters) - Chevron CVX.N expects its exports of Venezuelan crude to the United States to resume this month, the U.S. oil producer's CEO said on Friday, following a restricted license received this week from the Treasury Department to operate in the sanctioned country and do oil swaps.

Chevron CEO Mike Wirth also said in a call to disclose the company's quarterly results that the exports will begin with a "limited amount," and added that he does not expect the flows to have a material impact on third-quarter results.

Chevron's exports of Venezuelan oil have been suspended since April, when state-owned oil firm PDVSA canceled cargoes it had scheduled for its joint-venture partner over payment problems related to U.S. sanctions on the OPEC country.

In March, U.S. President Donald Trump's administration revoked a license granted to Chevron under former President Joe Biden. Trump's administration gave Chevron and a handful of PDVSA partners until late May to wind down transactions.

Last month, Washington agreed to reinstate Chevron's license after a successful prisoner swap with Venezuela. Members of the U.S. Congress also urged granting the oil authorizations again to prevent Venezuelan barrels from going to China.

PDVSA's European partners have not yet been authorized to resume operations in Venezuela or export oil to their refineries, according to company sources.

Before the licenses were canceled, Chevron exported some 250,000 barrels per day (bpd) of Venezuelan crude in the first quarter, according to data based on vessel movements. That represented 29% of the country's total exports.

The new authorization is similar to the Biden-era license, but it prohibits payments to Venezuelan President Nicolas Maduro's administration in any currency, according to sources and information provided by U.S. officials.

Since the license was greenlit by Washington, Chevron has been negotiating a new off-taking mechanism with cash-strapped PDVSA.

The arrangement is expected to include payments of mandatory royalties and taxes to Venezuela in kind, which could come from a portion of crude jointly produced or through oil swaps with Chevron supplying Venezuela with diluents, the sources said.

Chevron's Venezuela unit also ordered new inspections of PDVSA's loading terminals, ahead of any vessel chartering contracts, shipping sources said.

U.S. Gulf Coast refiners snapped up higher volumes of Middle Eastern and South American crudes in July to offset the loss of Venezuelan barrels, ship tracking data showed.

"Although we expect deliveries to return to the U.S. in short order, comments from CEO Mike Wirth indicate we shouldn't expect a rebound to the volumes seen earlier in the year any time soon," said Matt Smith, a lead oil analyst at Kpler.

(Reporting by Sheila Dang, Marianna Parraga and Arathy Somasekhar. Editing by David Gregorio and Marguerita Choy)

((marianna.parraga@thomsonreuters.com; +1 713 371 7559; Reuters Messaging: @mariannaparraga))