According to the announcement, “all transactions” by these companies related to the Venezuelan oil sector are authorized, as well as the signing of contracts for “new investments in the oil and gas sector” by companies interested in opening businesses in Venezuela.
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The two new licenses represent a step towards reopening the Venezuelan oil sector, subject to US sanctions since 2019. Venezuela has the largest oil reserves on the planet.
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After the deposition, on January 3, of dictator Nicolás Maduro, who was removed from the country by American forces, Washington announced that it would only allow exports of crude oil from the country under direct American control.
The US had already imposed, since December, a blockade on exports carried out by Venezuela through “ghost ships”, which were now subject to sanctions.
The new government of interim president Delcy Rodríguez quickly agreed to negotiate with American President Donald Trump and especially with US Secretary of State Marco Rubio, who directly oversees the situation in the South American country.
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Reforms
Caracas approved a new hydrocarbons law that substantially reforms limitations on foreign investment, after years of controversies involving unfulfilled contracts, legal actions in international bodies and restrictions imposed on multinationals.
Chevron was the only American company that explored, despite difficulties, Venezuelan oil, through a license from Washington for very specific contracts in a joint venture with the state-owned Petróleos de Venezuela (PDVSA).
The two new licenses are added to other recent authorizations for the purchase of equipment, installation of structures, negotiation of contracts with ports and airports and the adoption of measures that facilitate investment in a sector that is currently very weak in Venezuela.
Pressure
In early January, after Maduro’s ouster, Trump pressured executives from more than 20 U.S. oil companies to invest in Venezuela. Despite expressing interest, they mentioned the need for security guarantees and a review of Venezuela’s legal and commercial frameworks to consider entry into the country. (With International Agencies)
The information is from the newspaper O Estado de S. Paulo.
