US EditionUS issues license facilitating oil, gas exploration and production in Venezuela
General License 48 allows U.S. firms to support Venezuela's oil recovery under strict conditions, with production at 1 million barrels daily, down from 3.4 million in 1999.
- On February 10, the U.S. Treasury Department's Office of Foreign Assets Control issued General License 48 authorising US persons to provide goods, technology, software, or services for oil and gas exploration, development, production, maintenance, refurbishment, and shipping coordination in Venezuela.
- After the January 3 capture of Nicolás Maduro, Washington moved to issue a licence following last month's Venezuela's National Assembly reforms and recent weeks' authorisations on crude trading and diluents.
- Under the licence, contracts must specify U.S. law and U.S. dispute resolution, payments to blocked persons must go to Foreign Government Deposit Funds, and firms must file initial reports within 10 days and updates every 90 days.
- Industry groups say the licence opens chances for oilfield service providers and firms like Chevron and Repsol to improve current investments while others seek individual approvals.
- Venezuelan production stands at about 1mn barrels daily, and energy officials estimate output could climb in coming months but multi-year investment requirements remain, while OFAC retains oversight and can revoke the licence at any time.
25 Articles
25 Articles
The U.S. Treasury Department has relaxed the restrictions imposed on Venezuela on Tuesday with a number of measures, including the general license that allows oil service companies to operate in the Latin American country, within the new framework of relations between Washington and Caracas following the capture of Nicolás Maduro and the appointment of Delcy Rodríguez as president-in-charge.
The Washington Hispanic
The U.S. Treasury Department relaxed restrictions on U.S. companies to operate on the Venezuelan oil market on Tuesday, although under strict conditions of control and reporting. By means of two licenses published (one for trading in hydrocarbons and another for the use of airports and ports) on its website, the Treasury has relaxed – without eliminating the sanctions, tightened in 2019, that still weigh on the Caribbean country – the restrictio…
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The Trump Administration has further eased the sanctions on Venezuela’s oil industry by allowing U.S. firms to provide services and technology for hydrocarbon exploration and production in the South American country. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) noted in a new general license that U.S. entities or persons are now authorized to provide “goods, technology, software, or services for the exploration, development, or …
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