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US issues license facilitating oil, gas exploration and production in Venezuela
The U.S. Treasury Department authorized five major oil firms to operate in Venezuela, requiring royalties to be routed to U.S.-designated accounts under strict oversight conditions.
- The U.S. Treasury Department's Office of Foreign Assets Control authorised BP, Chevron, Eni, Repsol and Shell to operate in Venezuela's oil and gas sector on Friday.
- Washington says the licences aim to restore Venezuela's oil infrastructure while controlling sale proceeds until a `representative government` is established, following the January 3, 2026 capture of Nicolás Maduro and last month's Venezuela's National Assembly reforms.
- Contracts must be governed by U.S. law, with royalties and taxes paid into the Foreign Government Deposit Fund as per Executive Order 14373 of January 9, 2026, and reporting within 10 days and every 90 days.
- Oilfield service providers stand to gain immediate work restoring facilities, while energy officials estimate output could rise in coming months but specialists warn multi-year investment is needed.
- The licence forbids new joint ventures and curbs certain exports, signalling caution; Exxon Mobil is in talks while the administration seeks $100 billion in energy investment, with the licence revocable by OFAC.
93 Articles
93 Articles
Malay Mail
AlKhaleej TodayUS waives Venezuela oil sanctions as Trump says he expects to visit
WASHINGTON, Feb 14 — US President Donald Trump said yesterday he planned to visit Venezuela and reiterated satisfaction with its interim leader, as his administration authorised five major oil companies to operate in the country.“I’m going to make a visit to Venezuela,” Trump told reporters yesterday, while adding that the date had not been decided.The comments followed a visit to Caracas by Trump’s energy secretary earlier this week and came as…
A few hours earlier, the United States allowed five major oil companies to resume or expand their operations in Venezuela under the close supervision of Washington.
US Treasury Department has issued five licenses to resume oil extraction in Venezuela, one month after the fall of Nicolas Maduro
The measure represents the greatest afforestation of sanctions against Venezuela since the US captured and deposited Maduro in January
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