USA authorises oil companies to resume work in Venezuela

Venezuela

CARACAS, February 13, 2026 – The US government has granted licences to five Western oil companies including BP, Chevron, Eni, Repsol and Shell to resume oil and gas operations in Venezuela, Bloomberg reported on Friday.

The decision, announced by the US Treasury Department, marks a further rollback of sanctions following the capture of former Venezuelan leader Nicolás Maduro. The companies are now allowed to engage in contracts and transactions with PDVSA under terms governed by the USA, with contract reviews every 90 days. Payments such as taxes will be directed to US-controlled accounts.

Chevron, already active under a previous restricted licence, will expand its activities, while Maurel et Prom was not included in the new authorisations. Energy Secretary Chris Wright, during a visit to Venezuela’s Orinoco oil belt, said the scope for co-operation is “immense.” The USA has also recently allowed direct oil purchases from PDVSA and permitted the sale of diluents to Venezuela.

The move aligns with reforms led by Venezuela’s new leader Delcy Rodríguez, including easing state controls and overhauling hydrocarbons legislation to attract foreign investment.

Chevron operates in Venezuela through joint ventures with PDVSA and has been gradually increasing output since sanctions were eased. Its focus remains on financing new activity through local oil sales rather than deploying new capital.

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