The United States has authorized five major energy companies to resume oil and gas operations in Venezuela under Washington’s supervision, marking a significant adjustment in sanctions enforcement and energy policy.
According to a document released by the U.S. Department of the Treasury, the approved companies include Italy’s Eni, Britain’s BP and Shell, Spain’s Repsol, and U.S.-based Chevron.
Sanctions Exemption Framework
The decision comes through General License No. 50, which authorizes specific transactions related to Venezuela’s oil and gas sector, creating a formal exemption from sanctions imposed by the United States in March 2025.
Under the newly established mechanism, all revenue generated from oil production must be processed through a U.S. Treasury-linked account known as the Foreign Government Deposit Funds. Currently, this account is located in Qatar, ensuring financial oversight and transparency.
Debt and Payment Arrangements Under Review
While Chevron previously operated under a special license, the new authorization places it on equal footing with other participating companies. However, the license excludes agreements related to outstanding debts and previously seized assets.
Representatives from Eni confirmed that the company is carefully assessing the new opportunities created by the license, maintaining ongoing dialogue with U.S. authorities. Discussions are also continuing regarding whether Eni will once again be compensated through crude oil shipments exported by Venezuela’s state-owned energy company PDVSA in exchange for natural gas production used for electricity generation within the country.
Strategic and Energy Implications
The move signals a potential shift in U.S. policy toward Venezuela’s energy sector, balancing geopolitical considerations with global energy supply needs. The decision could help stabilize Venezuela’s domestic energy production while also influencing international oil markets.
