US Relaxes Sanctions, Allowing International Oil Companies Back into Venezuela
The US has relaxed sanctions on Venezuela's energy sector, allowing international oil companies to operate in the country. Following this move, several major oil companies have expressed interest in restarting operations or exploring new projects in Venezuela.
BP and Trinidad and Tobago's National Gas Company were granted an exploration and production license for the Manakin-Cocuina gas field in 2024. However, their plans had stalled due to previous US sanctions. BP has welcomed the latest development, citing its support for moving forward with the project.
Chevron, which has maintained a presence in Venezuela through joint ventures with state-owned PDVSA, exported around 150,000 barrels per day of crude from Venezuela to the US Gulf Coast in November and December. The company aims to increase its production by about 50% in the short term.
The US government's decision has also affected other international oil companies, including Eni, which produces gas from the Perla offshore field and is owed $2.3 billion by Venezuela. ExxonMobil, on the other hand, no longer operates in Venezuela but has expressed interest in restarting its operations with major reforms.