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US eases sanctions to give oil majors broad scope to operate in Venezuela
The U.S. Treasury issued licenses allowing Chevron, BP, Shell and others to operate in Venezuela's oil sector with proceeds controlled by the U.S. until a representative government forms.
- The U.S. eased sanctions on Venezuela's energy sector, allowing oil majors to operate and negotiate new contracts.
- The move permits companies like Chevron, BP, and others to operate oil and gas projects in Venezuela, with payments routed through a U.S.-controlled fund.
- The U.S. licenses follow changes to Venezuela's oil law last month, granting autonomy to foreign producers under joint ventures or new contracts.
26 Articles
26 Articles
Washington, Feb. 15 (EFE).- The trip of the U.S. Secretary of Energy, Chris Wright, to Venezuela and the relaxation of U.S. restrictions for foreign oil companies to operate in the Caribbean country has opened these days a new phase in the reopening abroad of the Venezuelan hydrocarbon market agreed by Washington and Caracas.The week has been a turning point in terms of the framework agreed by both parties for the oil sector after the U.S. milit…
Fixing Venezuela oil sector puts Chris Wright in key diplomatic role
Secretary Chris Wright has found himself in a position unlike that of any other person who has led the Energy Department: at the center of an ambitious rejuvenation of a foreign country’s oil industry. Wright, 61, became the highest-ranking Trump administration official to travel to Venezuela this week since the capture of former dictator Nicolas Maduro in January, underscoring the shift in the secretary’s priorities, making him a prominent figu…
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