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Venezuelan Oil Production Stutters as Reimposed US Sanctions Hamper Deals

The US Treasury Department is set to favor licenses to corporations that already have activities in Venezuela, according to reports.

Exclusive-US to favor existing investors for Venezuela oil licenses, say sources

The U.S. is preparing to prioritize issuing limited licenses to operate in Venezuela to companies with existing oil production and assets over those seeking to enter the sanctioned OPEC nation for the first time, two people close to the discussions said. The move appears designed to encourage companies that have projects frozen because of U.S. sanctions, such as Italy's Eni and Spain's Repsol, to expand operations, recoup pending debt and add oil to global markets. It will, however, avoid licensing firms with no prior investments in the country, putting a cap on how much revenue Venezuela could collect from its oil industry.

Exclusive-US to Favor Existing Investors for Venezuela Oil Licenses, Say Sources

Existing Foreign Oil Producers in Venezuela May Get Licenses Despite Sanctions

The U.S. is considering issuing restricted licenses to some oil companies that are already operating in Venezuela, allowing them to bring Venezuelan oil to market despite sanctions.

The Race for U.S. Sanctions Clearance: Oil Firms' High Stakes in Venezuela