US Allows major oil companies to work in Venezuela
The United States has issued two licenses that allow global energy companies to operate oil and gas projects in Venezuela, in a move that eases sanctions on Venezuela’s energy sector.
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued two licenses, the first of which allows major companies such as Chevron, BP, Eni, Shell and Repsol to resume oil and gas production operations in Venezuela directly.
The second license opens the door for companies around the world to negotiate new investment contracts in future energy projects within the country.
The licenses don’t allow transactions with companies in Russia, Iran, or China, or entities owned or controlled by joint ventures with persons in those countries.
