Overview
- Treasury’s OFAC issued new licenses allowing Eni, BP, Shell, Repsol and Chevron to resume or expand work in Venezuela under Washington’s supervision.
- The authorizations cover producing, selling and transporting oil and gas, as well as negotiating new contracts with state producer PDVSA.
- Contracts with PDVSA must be governed by U.S. law with disputes resolved in the United States, and all royalties and taxes must flow into Treasury-managed foreign government deposit funds.
- A separate general license permits other companies to negotiate new investments, while transactions involving entities linked to Russia, Iran or China remain barred.
- The framework excludes settlements over past debts and previously expropriated assets, and comes as U.S. officials visit Venezuela following Nicolás Maduro’s removal.