Several foreign oil companies await U.S. licenses to resume Venezuela operations
About half a dozen international oil companies are waiting on U.S. government authorization to resume operations in Venezuela, months after their licenses were revoked amid rising tensions over the country’s political crackdown and humanitarian crisis, according to a report in Reuters on Tuesday.
The companies — including Eni (Italy), Repsol (Spain), Maurel & Prom (France), and Reliance Industries (India) — were previously key partners of Venezuela’s state-run oil company, PDVSA. Together, they accounted for about 25% of the country’s crude exports before the Trump administration canceled their licenses in March.
The license revocations had marked a broader policy reversal, as Washington responded to what officials described as Nicolás Maduro’s failure to uphold commitments tied to democratic reforms and migration cooperation. At the time, U.S. officials accused the regime of violating sanctions relief agreements.
While the U.S. government has quietly renewed Chevron’s license — a move that allows the Texas-based oil giant to restart operations in the South American nation — no similar decision has been announced for the other firms.
According to Reuters, some of the companies have internally notified staff of expected licenses, but are still waiting for formal documents from the U.S. Treasury and State Departments. Most of the firms hold minority stakes in joint oil and gas ventures with PDVSA, while Reliance is one of Venezuela’s largest crude buyers.
The delay comes as the U.S. renews pressure on Caracas to restore democratic order. Secretary of State Marco Rubio reiterated on Monday that sanctions will remain in place unless the Maduro regime takes “verifiable steps” toward democratic reform.
Chevron’s license, issued last week, was described by sources as a “specific license” rather than a general one. This means that the details of the new license can be kept confidential, but the source said that it will allow the company to resume more regular operations with PDVSA under terms that reportedly include payment in barrels of oil rather than cash — a structure that may help Caracas bypass some financial restrictions.
In a statement to the Miami Herald, the State Department said the license is intended solely to support maintenance work and debt repayment, and “does not offer any financial relief to the Maduro regime.”
“While we cannot comment on specific licenses, the United States government will not allow the Maduro regime to profit from oil sales,” the department said in an emailed response.
Still, analysts say the deal is likely to offer the Maduro government some indirect financial breathing room.
Venezuela’s debt to Chevron was estimated at about $3 billion before being reduced under the Biden administration’s earlier authorization. That license was pulled in March as part of the broader sanctions rollback, and the restriction took effect in May.
Before its suspension, Chevron accounted for roughly one-quarter of Venezuela’s daily oil output — about 900,000 barrels per day earlier this year. The other international firms made up an additional 230,000 barrels per day.
