The US government has issued two new general licenses allowing global energy companies to resume oil and gas operations in Venezuela and permitting other firms to negotiate investment contracts (US Office of Foreign Assets Control (OFAC), 13/02/2026).
- The US Treasury Department's Office of Foreign Assets Control (OFAC) has issued a license authorizing Chevron, BP, Eni, Shell, and Repsol to resume their oil and gas activities.
- The second license enables companies to invest in Venezuelan oil and gas projects. It prohibits transactions involving companies or entities controlled or owned by joint ventures from Russia, Iran, North Korea, Cuba, or China.
- This marks the largest relaxation of sanctions on Venezuela since the US intervention there in early January 2026.
Additionally, the US Energy Secretary recently stated that Venezuelan oil sales have generated USD1bn since the intervention and are projected to reach another USD5bn within months.
Since January 2026, the US Treasury Department has issued several general licenses to facilitate Venezuelan oil sales, exports, imports, and storage. It has also authorised the supply of US technology, software, or goods for oil and natural gas exploration, production, or development in Venezuela.