US EditionTrump Administration Plans to Issue License Allowing More Drilling in Venezuela
The license aims to revive Venezuela’s energy sector by allowing US-linked companies to produce oil, with Chevron able to increase output by 50%, Treasury officials said.
- On Tuesday, the U.S. Treasury is preparing a broad general license to allow companies to pump crude in Venezuela, reports said.
- Last week, the Treasury Department issued a license allowing U.S. firms to buy, sell and refine Venezuelan crude after U.S. forces captured former President Nicolás Maduro, aiming to stabilize Venezuela's moribund energy industry.
- Under the emerging framework, payments by companies with U.S. ties would be routed into a U.S.-controlled account in Qatar, while individual approvals were granted to Trafigura Group and Vitol Group.
- Destination patterns are shifting toward U.S. refiners rather than Chinese buyers as Venezuelan heavy sour crude returns to global markets after congestion eased following a partial U.S. naval blockade.
- Years of underinvestment have left pipelines corroded and companies wary because of past asset seizures and political risk, while analysts say restoring output could require more than $180 billion and over a decade.
12 Articles
12 Articles
Trump administration plans to issue license allowing more drilling in Venezuela
The Trump administration is preparing to issue a license to formally allow more companies to drill for oil in Venezuela. A source familiar with the plan told The Hill that a general license could come as soon as this week. The plan was first reported by Bloomberg. White House spokesperson Taylor Rogers, in a written statement,…
US Plans to Issue License for Companies to Pump Venezuelan Oil
(Bloomberg) — The US government is preparing to issue a general license allowing companies to pump oil in Venezuela, part of the Trump administration’s plan to ease sanctions and rebuild the nation’s moribund energy industry.
Washington Prepares Broad License to Restart Venezuelan Oil Production
Washington is preparing to take another step deeper into Venezuela’s oil sector, with plans to issue a broad license that would allow companies to pump crude in the country for the first time in years. According to people familiar with the matter who spoke to Bloomberg, the U.S. Treasury could issue the general license as soon as this week. If it happens, it would follow last week’s authorization allowing companies to buy, sell, ship, and refine…
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