The United States has issued General Licence 48, further easing sanctions on Venezuela's oil industry by permitting U.S. oilfield services contractors to import goods, technology, software, or services for oil and gas exploration and production into the country. This action follows an initial rollback of sanctions in late January that allowed U.S. companies to engage in various activities with Venezuelan-origin oil.

Licence Terms and Additional Authorizations

The licence stipulates that any contracts signed between U.S. contractors and Venezuela or its state-owned oil company, PDVSA, must be governed by U.S. law. In a separate authorization, the Office of Foreign Assets Control (OFAC) is also allowing certain port and airport operations in Venezuela to resume.

U.S. Engagement and Industry Interest

Concurrent with these policy moves, U.S. Energy Secretary Chris Wright traveled to Venezuela to discuss the state of the country's oil system. The U.S. has sought to exert control over the industry since early January, having previously struck a deal to ship over 50 million barrels of Venezuelan crude to the U.S. and pressuring major oil companies to invest. While ExxonMobil and Chevron have shown tentative interest, they remain hesitant due to security and infrastructure concerns. Conversely, oilfield services contractors like SLB and Halliburton report a significant surge in business inquiries following the recent political changes in Venezuela.