Overview
- OFAC’s new general license permits U.S. firms to carry out maintenance, refurbishment, and repairs on Venezuelan oil and gas assets.
- The authorization extends to providing certain goods, technology, software, or services tied to exploration, development, or production under defined conditions.
- The license bars transactions involving Russian, Iranian, Chinese, Cuban, or North Korean entities and prohibits forming new upstream joint ventures.
- The move marks a further, targeted easing of restrictions intended to prepare infrastructure without reopening broad upstream investment.
- Oilfield service leaders at Halliburton and SLB say they can ramp up quickly under clear licensing, while Chevron remains the only U.S. producer exporting Venezuelan oil.