US Sanctions Eased on Venezuela's Energy Sector

In recent developments, international oil companies have received new opportunities to operate in Venezuela following the easing of US sanctions. The US government issued general licenses allowing global energy companies to work on oil and gas projects in the country.

British Petroleum (BP) was granted an exploration and production license for the Manakin-Cocuina gas field, a cross-border project with Trinidad and Tobago's National Gas Company. BP welcomed the US decision, which it believes will support its efforts to move forward with the project.

Chevron has maintained operations in Venezuela through joint ventures with state-owned PDVSA. The company is producing between 240,000 and 250,000 barrels per day of heavy crude oil and exported around 150,000 bpd of crude from Venezuela to the US Gulf Coast in November and December.

ConocoPhillips has been trying to recover $12 billion from the expropriation of its assets in the Chavez era. The company has collected $794 million so far through arbitration awards.