US allows oil majors to return to Venezuela and sign deals with PDVSA

Treasury’s OFAC gives BP, Shell, Chevron, Eni and Repsol permission to negotiate deals

Robert Stewart
North America Energy Correspondent
Baton Rouge 13 February 2026,

The US on Friday issued two new general licences that allow oil majors to potentially explore Venezuela and produce oil from its bountiful reserves, nearly six weeks after US forces stormed Caracas and captured President Nicolas Maduro and his wife and shipped them to New York. The notices from the Treasury Department’s Office of Foreign Assets Control (OFAC) specifically allow BP, Shell, Chevron, Eni and Repsol to negotiate contracts with the country and its state-owned oil company, PDVSA.

The OFAC licences will allow the majors to sign deals with Venezuela for investments in oil and gas operations, including for new exploration, development and production. The companies could also expand existing operations or form new joint ventures with the country.

Any oil contracts with Venezuela must be governed by US laws, according to the OFAC licences. OFAC is still barring businesses based in Rusia, Iran, North Korea, Cuba and China from negotiating oil deals with Venezuela, according to the licences.

Recent OFAC moves
Friday’s move follows previous sanctions rollbacks from OFAC in recent weeks as the US has continued to exert control over Venezuela’s oil industry following Maduro’s ouster.

The agency on 29 January first allowed US operators to produce, transport and sell Venezuelan crude. OFAC on Wednesday permitted oilfield services contractors to bring equipment into the country. The latest OFAC licences mention the five majors by name and allow them to sign contracts with Venezuela and PDVSA.

The US changes also follow the Venezuela National Assembly’s move last month to overhaul its hydrocarbon laws to allow more foreign investments in oil and gas.

Status of the majors
Amid ongoing tensions with the Maduro regime at the time, US President Donald Trump enacted sanctions on Venezuela’s oil industry in 2019 during his first term. As a result, a number of companies either left or curtailed operations.

Chevron was the only US-based operator to remain in Venezuela after the sanctions. Eni and Repsol have also maintained operations there.

BP and Shell have been in back-and-forth negotiations with the US over licences for offshore gas developments in waters bordering Venezuela and Trinidad & Tobago.

The projects include Shell’s Dragon gas field, which had its licence revived in October, and BP’s Manakin-Cocuina field, which saw its licence revoked last April.

BP told Reuters this week that it is seeking an OFAC licence for Manakin-Cocuina.

Two other oil majors with history in Venezuela, ExxonMobil and ConocoPhillips, were not listed in the OFAC licence. Those companies left Venezuela after their assets were seized by the government in 2007 amid a nationalisation wave led by former Venezuela president Hugo Chavez.

At a White House summit days after Maduro’s capture, ExxonMobil chief executive Darren Woods called Venezuela “uninvestable”, though he said in an earnings call on 30 January that he was still willing to send a team to the country if it gets proper security guarantees.

ConocoPhillips chief executive Ryan Lance has said his company is looking at Venezuela, though his priority is resolving a multibillion-dollar debt dispute with Citgo Petroleum, of which ConocoPhillips is a creditor.

Chevron executives have been more enthusiastic about the country’s opportunities and the potential to increase oil production there within about two years.

Shell is open to opportunities in Venezuela, chief executive Wael Sawan said on an investor call last week.

Meanwhile, contractors such as SLB and Halliburton have said their phones have been “ringing off the hook” ever since the regime change in Venezuela.

Venezuela had the world’s largest proven crude oil reserves as of 2023 with roughly 303 billion barrels, according to the latest estimate from the Energy Information Administration.

(Copyright)  Offshore Magazine

 

US Eases Venezuela oil sanctions

February 13, 2026

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  T&T Prime Minister greets Secretary Rubio at State Department in Washington, DC.

As the US Treasury Department’s Office of Foreign Assets Control (OFAC) eased restrictions allowing energy companies to operate in Venezuela’s oil sector this afternoon, Prime Minister Kamla Persad-Bissessar has welcomed the move, stating that her government was optimistic about the development.

Persad-Bissessar said the two licences (49 and 50), which grant permission to five major energy giants, and allows other global companies to enter agreements with state-owned Petróleos de Venezuela, S.A. (PdVSA), provided a “clear” and “structured” legal framework under US law for oil and gas activity along the country’s shared maritime border.

“As a longstanding close partner of the United States, Trinidad and Tobago views this development as an important opportunity to deepen hemispheric energy cooperation, strengthen regional stability, and reinforce trusted commercial ties,” she wrote in a post to her social media this afternoon.

“We are optimistic about the potential to enhance our role as a responsible energy hub in the Caribbean, supporting domestic industry, safeguarding jobs, and contributing to reliable supply chains that benefit the wider region. Trinidad and Tobago will proceed in full compliance with applicable legal and regulatory requirements and in keeping with our commitment to transparency and sound governance,” she added.

Chevron, BP, Eni (ENI.MI), Shell and Repsol were all named in license number 50 issued by the US this afternoon. That license authorised transactions related to the oil and gas sector including those prohibited by US Venezuela Sanctions Regulations, 31 CFR part 591 –  the official US rules that previously limited such operations.

The License requires that any contracts with Venezuela’s government or PDVSA must be governed by US law, and that monetary payment to persons blocked by the US are made into a Foreign Government Deposit Funds  – a special account set up by Executive order in January.

License 49, allows the same for other global companies, provided that such contracts are done through separate authorization from the OFAC.

It authorizes negotiating and entering into “contingent contracts to engage in new oil or gas exploration, development, or production activities in Venezuela, expand existing operations in Venezuela, and to form new joint ventures or other entities in Venezuela related to the foregoing activities.”

Both licenses exempt payment terms that are not “commercially reasonable” including debt swaps or payments in gold, or are denominated in digital currency, digital coin, or digital tokens issued by, for, or on behalf of the Government of Venezuela.

They also prohibit transactions involving people located in the Russian Federation, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Republic of Cuba, the People’s Republic of China, “or any entity that is owned or controlled by or in a joint venture with such persons.”

The move is the most significant relaxing of US restrictions in Venezuela, since the ousting of former President Nicolas Maduro in early January.

Prior to the US military action which facilitated Maduro’s removal from Caracas, Attorney General John Jeremie had announced that the stalled Dragon gas deal for T&T and Venezuela to jointly develop the Dragon Gas Field had “come alive” again.

The Dragon gas field, located in Venezuelan waters near the maritime border, is estimated to hold between 3.2 trillion and 4.2 trillion cubic feet of natural gas. A previous license negotiated by the former administration had been revoked in early April. Upon its election into government, the UNC government submitted an application on May 19, according to Jeremie.

The OFAC license is the first in a three-tier approval process. It authorises the US and T&T governments, as well as the National Gas Company of Trinidad and Tobago (NGC), energy giant Shell Plc, and Futura Clara Ltd, to engage in negotiations with the government of Venezuela and PDVSA for the development of the Dragon gas field.

Previously, Venezuela’s interim President Delcy Rodriguez had been critical of the US and Persad-Bissessar’s administration, in October stating that the Prime Minister was leading the people of Trinidad and Tobago “off-a cliff” when it comes to the Dragon Gas deal. Last year, Venezuela declared Persad-Bissessar persona non grata, and severed all energy agreements with the country.

 

 

Government welcomes new OFAC licences for BP, Shell

2026, 02/14

Prime Minister Kamla Persad Bissessar and Energy Minister Dr Roodal Moonilal yesterday welcomed the decision by the US Office of Foreign Assets Control (OFAC) to issue general licences 49 and 50 to BP and Shell, among other international energy companies, to negotiate and enter into contracts to develop gas fields in Venezuela.

The licences require payments of royalties and Venezuelan taxes to go through the US-controlled Foreign Government Deposit Fund.

The Prime Minister said, “Trinidad and Tobago views this development as an important opportunity to deepen hemispheric energy cooperation, strengthen regional stability and reinforce trusted commercial ties.

“We are optimistic about the potential to enhance our role as a responsible energy hub in the Caribbean, supporting domestic industry, safeguarding jobs, and contributing to reliable supply chains that benefit the wider region.”

She stated that T&T will proceed in full compliance with applicable legal and regulatory requirements and in keeping with the country’s commitment to transparency and sound governance.

Dr Moonilal said it is significant in terms of T&T’s cross border gas fields.
“It is a significant development as far as it relates to the cross-border and across-the-border gas fields that Trinidad and Tobago has been in negotiations with the Venezuelan government over several years. These fields, have been subject to restrictions by the United States administration, restrictions and sanctions. In the coming hours we’ll hear much more of this, as this is a matter of world news as well.”

Moonilal said the Government looks forward to work that can be done by BP, Shell and other cross-border field shareholders.

“In the coming days we will hear much more about this but, for now, we want to congratulate all parties for their hard work and to look forward to the work now by BP, Shell and other stakeholders to ensure that we can monetise these resources to the benefit of Trinidad and Tobago,” said Moonilal.

US clears Shell, BP for Venezuela

Newly issued licences revive gas projects…

14 February

Energy majors Shell plc and BP plc have been cleared to operate in Venezuela under newly issued licences from the United States Department of the Treasury, paving the way for long-delayed gas projects such as the Dragon field to move closer to execution.

Shell and BP were among five international oil companies granted approval after the Treasury issued General Licences 49 and 50 yesterday, allowing specified energy firms to resume oil and gas operations in Venezuela under defined legal and financial conditions.

Shell holds an interest in the Dragon gas field in Venezuelan waters, while BP has an interest in the Manakin-Cocuina cross-border gas field.

Prime Minister Kamla Persad-Bissessar welcomed the development yesterday, saying Trinidad and Tobago views the licences as an “important opportunity” to deepen regional energy cooperation and strengthen commercial ties.

General Licence 49, issued yesterday, allows companies around the world to enter into contracts with Venezuela’s state-owned oil company, Petróleos de Venezuela, SA (PdVSA), to negotiate new investments in Venezuelan oil and gas, provided the performance of any such contract remains subject to separate approval from the US Treasury.

The authorisations, however, do not permit transactions with companies or individuals located in or controlled by entities from Russia, Iran or China, or with entities owned or controlled by joint ventures involving persons from those countries.

Meanwhile, General Licence 50, also issued yesterday, allows major global energy companies such as Chevron, BP, Eni, Shell and Repsol to resume oil and gas operations in Venezuela under defined conditions.

Licence 50 requires that Venezuelan royalty and tax payments be routed through a US-controlled Foreign Government Deposit Fund, and sets strict compliance rules for contracts governed under US law.

On her Facebook page yesterday, Persad-Bissessar praised the development.

“The Government of Trinidad and Tobago welcomes the issuance of US General Licences 49 and 50, which provides a clear and structured legal framework under US law for certain oil and gas activities in Venezuela and along our shared maritime border,” she said.

“As a long-standing close partner of the United States, Trinidad and Tobago views this development as an important opportunity to deepen hemispheric energy cooperation, strengthen regional stability, and reinforce trusted commercial ties,” Persad-Bissessar said.

The Prime Minister said the development could boost Trinidad and Tobago’s efforts to establish itself as a regional energy hub.

“We are optimistic about the potential to enhance our role as a responsible energy hub in the Caribbean, supporting domestic industry, safeguarding jobs, and contributing to reliable supply chains that benefit the wider region,” she said.

“Trinidad and Tobago will proceed in full compliance with applicable legal and regulatory requirements and in keeping with our commitment to transparency and sound governance,” Persad-Bissessar added.

Young: Questions raised

Former prime minister and ex-energy minister Stuart Young, however, said the issuance of the licences raised four questions the Persad-Bissessar administration must answer:

1. Is the Kamla Persad-Bissessar Government having any direct discussions and negotiations with the acting President of the Bolivarian Republic of Venezuela, Delcy Rodriguez, as the Dragon field is owned by Venezuela, as are Cocuina and Loran?

2. Does Kamla Persad-Bissessar recognise Delcy Rodriguez as the acting President of the Bolivarian Republic of Venezuela?

3. Has Kamla Persad-Bissessar left any and all discussions and/or negotiations with Venezuela up to BP and Shell, and if so, what does that mean for the people of Trinidad and Tobago?

By being absent and non-existent in any such discussions and negotiations, Kamla Persad-Bissessar is disadvantaging the citizens of Trinidad and Tobago; and

4. Is the government of the Bolivarian Republic of Venezuela willing to still export Venezuelan gas to Trinidad and Tobago after the behaviour of Kamla Persad-Bissessar and her Government towards them over the past ten years?

“The 30 (year) Exploration and Production Licence that we negotiated with Venezuela for the Dragon Gas Field which was signed in December 2023 and the 20-year Exploration and Production Licence that we negotiated with Venezuela for the Cocuina Gas Field which was signed in June 2024 both have specific terms and conditions that would require alignment with the OFAC conditions as per General Licence No 50, this requires negotiations with Venezuela.

It has always been the position of the PNM government that cross-border gas would benefit Trinidad and Tobago and hence the reason we spent so much time and effort pursuing same. The UNC, and in particular, Kamla Persad-Bissessar and Roodal Moonilal (who is the most incompetent Energy Minister ever in our history) attacked, sabotaged and undermined all of our ­efforts to secure the cross-­border gas.

“Thankfully we secured the 30-year and 20-year licences as well as the initial OFAC licences after a lot of direct negotiations and engagement with the US government.”

Young said he looks forward to Persad-Bissessar addressing the public directly and answering the questions, rather than issuing vague statements on social media.

AMCHAM T&T welcomes development

The American Chamber of Commerce of Trinidad and Tobago (AMCHAM T&T) yesterday said it welcomed the OFAC General licence for development of petroleum resources in Venezuela.

“While not specifically mentioning T&T, this licence paves the way for the development of several projects in the relatively near term including the Loran, Cocuina and Dragon fields by Shell and BP, with NGC participation. We also congratulate the Government of the Republic of Trinidad and Tobago on its work to ensure that this issue was high on the agenda of the US Government and their efforts to ensure this outcome,” AMCHAM T&T stated.

It said this development represents a critical step toward securing medium-term gas supply at a crucial time for both the T&T and Venezuelan economies.

“While there are still many steps to be taken before gas supplies materialise, today’s announcement significantly tilts the medium-term economic outlook to the upside and should boost confidence in both countries,” it stated.