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Trump Administration Plans to Issue License Allowing More Drilling in Venezuela
The license aims to revive Venezuela’s energy sector by allowing US-linked companies to produce oil, with Chevron able to increase output by 50%, Treasury officials said.
- On Tuesday, the U.S. Treasury is preparing a broad general license to allow companies to pump crude in Venezuela, reports said.
- Last week, the Treasury Department issued a license allowing U.S. firms to buy, sell and refine Venezuelan crude after U.S. forces captured former President Nicolás Maduro, aiming to stabilize Venezuela's moribund energy industry.
- Under the emerging framework, payments by companies with U.S. ties would be routed into a U.S.-controlled account in Qatar, while individual approvals were granted to Trafigura Group and Vitol Group.
- Destination patterns are shifting toward U.S. refiners rather than Chinese buyers as Venezuelan heavy sour crude returns to global markets after congestion eased following a partial U.S. naval blockade.
- Years of underinvestment have left pipelines corroded and companies wary because of past asset seizures and political risk, while analysts say restoring output could require more than $180 billion and over a decade.
16 Articles
16 Articles
Three sources familiar with the matter told Reuters that the United States could soon issue a license allowing international energy companies to resume oil production in Venezuela.
US soon to issue general license for oil production in Venezuela: Report
The U.S. government is preparing to issue a general license this week, allowing companies to produce oil and gas in Venezuela. This move aims to encourage expanded output in the OPEC nation, with President Trump seeking U.S. firm investment to restore its energy industry.
Trump administration plans to issue license allowing more drilling in Venezuela
The Trump administration is preparing to issue a license to formally allow more companies to drill for oil in Venezuela. A source familiar with the plan told The Hill that a general license could come as soon as this week. The plan was first reported by Bloomberg. White House spokesperson Taylor Rogers, in a written statement,…
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