U.S. Authorizes BP, Chevron, Eni, Repsol and Shell to Restart Oil Work in Venezuela

Washington is using OFAC general licenses to boost Venezuelan output in coordination with the interim government.

Overview

Treasury’s Office of Foreign Assets Control issued conditional general licenses on Feb. 13 allowing oil and gas–related transactions in Venezuela without sanctions.
The authorizations cover BP, Chevron, Eni, Repsol and Shell and require compliance with the licenses’ specified terms.
U.S. engagement has focused on interim leader Delcy Rodríguez following the Jan. 3 ouster of Nicolás Maduro.
The new licensing framework enables contracts for fresh investment and broader petroleum operations, according to the announcement.
Chevron had been the lone company operating under a narrower U.S. exemption, and today’s action widens access for multiple multinationals.