US eases sanctions and allows global oil companies to resume operations in Venezuela

Abandoned and damaged extraction pumps over time in a field owned by the state oil company PDVSA on Lake Maracaibo, in Cabimas, Venezuela. Reuters The United States eased sanctions on Venezuela’s energy sector this Friday (13), by issuing two general licenses that allow global companies in the sector to resume oil and gas operations in the country, a member of the Organization of Petroleum Exporting Countries (Opec). Furthermore, the new rules allow other companies to negotiate investment contracts in energy projects. 📱Download the g1 app to see news in real time and for free The Office of Foreign Assets Control, linked to the Treasury Department, issued a general license that authorizes Chevron, BP, Eni, Shell and Repsol to resume oil and gas operations in Venezuela. The second license authorizes companies from around the world to sign contracts for new investments in Venezuela’s oil and gas sector. The text prohibits transactions with companies from Russia, Iran or China, as well as with entities owned or controlled by joint ventures linked to people from those countries. See the videos trending on g1: See the videos trending on g1 The measure represents the biggest easing of sanctions against Venezuela since US forces captured and removed President Nicolás Maduro last month. The US has maintained sanctions against Venezuela since 2019, when President Donald Trump imposed them during his first term. Trump is now seeking $100 billion in investment from energy companies in the Venezuelan oil industry. US Secretary of Energy, Chris Wright, stated on Thursday (12), during his second day of trip to Venezuela, that the country’s oil sales since Maduro’s capture totaled US$1 billion and could reach another US$5 billion in the coming months. Wright said the U.S. will control sales profits until Venezuela has a “representative government.” Since last month, the Treasury has issued several general licenses to facilitate exports, storage, imports and sales of Venezuelan oil. The supply of US goods, technology, software and services for oil and gas exploration, development and production in Venezuela was also authorized. The Venezuelan government confiscated the assets of Exxon Mobil and ConocoPhillips in 2007, during the administration of then president Hugo Chávez. The Trump administration is now trying to attract these companies back to invest in the country. In a White House meeting with Trump last month, ExxonMobil CEO Darren Woods said Venezuela was “unviable for investment” at the moment. Wright said Thursday that Exxon is in talks with the Venezuelan government and collecting data on the oil sector. The company did not comment on the matter.

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