The US has further relaxed restrictions on oil companies operating in Venezuela
Companieslike\u00A0 Repsol, Eni, Chevron, BP or Shell will be able to significantly increase oil productionthanks to newB signs. Repsol CEO Josu Jon Imaz advanced that his company is willing to "invest more in Venezuela."
On Friday , the US Treasury Department announced two new licences to further reduce restrictions on operating in Venezuela and to grant permits to five companies, including Repsol, but under strict control and reporting conditions.
These two new licences, however, have not repealedthe US sanctions still imposed on Venezuela, which have been particularly harsh since 2019. However, it helpsnon-Venezuelan companies to start extracting oil in that country, or those that already do, such as Repsol, to significantly increase capital investments and production.
This agreement is part oftheplan agreed by Washington with the government of Venezuela's responsible president, Delcy Rodriguez , to reopen the local oil market after the US president capturedNicolas Maduro on January 3 .
The first license announced by the Office of Foreign Asset Control authorizes five major companies (Chevron, BP, Eni, Shell and Repsol).
The permit requires that any contract be subject to US jurisdictionand requires that all paymentsmadeby OFAC to "blocked" individuals (which continues to maintain sanctions on individuals and institutions in Venezuela) be made in accounts designated by the US Treasury.
The second order authorizes the negotiation and signing of future investment contracts, whether or not specific OFAC licences are issued in the future. This second licence expressly prohibits any transaction affecting any person or entity linked to Russia, Iran, North Korea, Cuba and Chinaand vessels sanctioned by Washington.
The new permits granted will allow, among others, Repsol and Eni to make high-value gas extractions. Josu Jon Imaz Repsol's CEO already advanced that his company was willingto"invest more in Venezuela" and triple its oil production in the Caribbean country to approximately 135,000 The day.
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