US EditionUS eases sanctions to give oil majors broad scope to operate in Venezuela
The U.S. Treasury issued licenses enabling Chevron, BP, and others to invest in Venezuela’s oil sector, with proceeds routed through a U.S.-controlled fund to support economic recovery.
- 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.
22 Articles
22 Articles
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…
The Donald Trump administration issued licenses that allow a group of Western oil companies to operate in Venezuela, the most recent step in a strategy to reactivate the country's economy. The licenses, issued on Friday by the U.S. Treasury Department, authorize five companies to participate in contracts and transactions of oil and gas with Petróleos de Venezuela S.A. and its subsidiaries. In addition, they limit payments, including taxes, to an…
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