The United States has authorized five major oil companies, including four European ones, to resume their operations in Venezuela under extensive supervision from Washington.
The U.S. Treasury Department published a document showing permission for the British companies “BP” and “Shell,” the Italian company “Eni,” and the Spanish company “Repsol” to operate in Venezuela’s oil and gas sectors, in addition to the American company “Chevron,” which had maintained certain activities in Venezuela based on an exceptional license exempting it from the sanctions imposed by Washington starting in 2019.
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U.S. Shift Towards a “General Easing” of Sanctions on Venezuela’s Oil Sector
In January, U.S. officials considered issuing a general license that would ease some sanctions on Venezuela’s energy sector, marking a notable shift from the previous plan which relied on granting individual exemptions to companies wishing to operate within the country.
This shift comes after Washington earlier announced its intention to ease restrictions on Venezuela’s oil industry, aiming to facilitate a two-billion-dollar oil supply deal between Caracas and Washington, alongside supporting an ambitious oil sector reconstruction plan estimated to cost around one hundred billion dollars.
United States
The United States is a federal republic founded in 1776 following the American Revolution, which established its independence from Great Britain. Its history includes westward expansion, a civil war over slavery, and its emergence as a global superpower in the 20th century. The nation is defined by its diverse population, democratic institutions, and significant cultural influence worldwide.
Venezuela
Venezuela is a South American country known for its diverse landscapes, including the Andes Mountains, Amazon rainforest, and Caribbean coastline. Historically a Spanish colony, it gained independence in the early 19th century under Simón Bolívar and later grew into a major oil-producing nation. Its cultural heritage is a blend of Indigenous, African, and Spanish influences, with notable sites like the UNESCO-listed city of Coro and Canaima National Park, home to Angel Falls.
Washington
Washington, D.C., the capital of the United States, was founded in 1790 and named after the first U.S. president, George Washington. It is a planned city, designed by Pierre Charles L’Enfant, and is home to iconic national monuments, museums, and the federal government’s three branches.
U.S. Treasury Department
The U.S. Department of the Treasury is a federal executive department established by Congress in 1789 to manage the government’s revenue. It is responsible for producing currency, collecting taxes, and advising on economic policy, with its history deeply intertwined with the nation’s financial development. The department’s headquarters, the Treasury Building in Washington, D.C., is one of the oldest federal buildings in the capital.
BP
BP is a British multinational oil and gas company founded in 1909 as the Anglo-Persian Oil Company. It played a major role in the Middle Eastern oil industry throughout the 20th century and has since evolved into one of the world’s largest energy companies, with operations spanning exploration, production, refining, and retail.
Shell
Shell is a global group of energy and petrochemical companies, founded in 1907 through the merger of Royal Dutch Petroleum and the Shell Transport and Trading Company. Its history is deeply tied to the development of the modern oil industry, expanding from its origins in the Dutch East Indies and London to become one of the world’s largest corporations.
Eni
Eni is a village in the Oromia Region of Ethiopia, historically significant as the site of the Battle of Eni in 1936 during the Second Italo-Ethiopian War. It is also known for its hot springs, which have been used for centuries for their therapeutic properties.
Repsol
Repsol is a Spanish multinational energy company founded in 1987, formed from the restructuring of the state-owned Instituto Nacional de Hidrocarburos. It is a major player in the oil and gas industry, operating across the entire value chain from exploration to marketing.
Chevron
Chevron is a multinational energy corporation headquartered in San Ramon, California, founded in 1879 as the Pacific Coast Oil Company. It grew through major mergers, including with Standard Oil of California, and became a global leader in fossil fuel production, refining, and distribution.
Caracas
Caracas is the capital and largest city of Venezuela, founded in 1567 by Spanish conquistador Diego de Losada. It grew as a colonial administrative center and later became a pivotal site in South America’s independence movement, serving as the birthplace of Simón Bolívar. Today, it is a major metropolitan and cultural hub situated in a valley of the Venezuelan coastal mountain range.
