US allows five oil firms to operate in Venezuela

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Abandoned pumpjacks damaged over time at a field of state oil company PDVSA on Lake Maracaibo, as residents around the oil‑rich center of Maracaibo in Zulia state remain uncertain about new investments following recent legislative reforms allowing greater private participation in PDVSA and aimed at revitalising the country’s struggling oil sector, in Cabimas, Venezuela, January 27, 2026. — Reuters/File
Abandoned pumpjacks damaged over time at a field of state oil company PDVSA on Lake Maracaibo, as residents around the oil‑rich center of Maracaibo in Zulia state remain uncertain about new investments following recent legislative reforms allowing greater private participation in PDVSA and aimed at revitalising the country’s struggling oil sector, in Cabimas, Venezuela, January 27, 2026. — Reuters/File

WASHINGTON: US President Donald Trump said on Friday he planned to visit Venezuela and reiterated satisfaction with its interim leader, as his administration authorised five major oil companies to operate in the country.

“I’m going to make a visit to Venezuela,” Trump told reporters, while adding that the date had not been decided.

The comments followed a visit to Caracas by Trump’s energy secretary earlier this week and came as his administration cleared away additional US sanctions that have blocked oil industry investment in the South American country.

On Friday, the Treasury Department’s Office of Foreign Assets Control (OFAC) granted general licenses to BP, Chevron, Eni, Repsol and Shell “authorizing transactions related to oil or gas sector operations in Venezuela,” with certain conditions.

The oil industry has expressed interest in the petroleum-rich country, while cautioning that the timeframe for investment depended on having clear rules after expropriations by earlier governments.

The two-page general license issued by OFAC requires any payments in oil and gas royalties go to accounts designated by the US Treasury Department, which is consistent with Trump administration statements that Washington will manage assets in custody for the benefit of Venezuela.

Trump and top appointees like Energy Secretary Chris Wright have been blunt in characterizing Washington as a party controlling Venezuela’s oil resources for the foreseeable future.

A second OFAC license issued Friday permits companies to negotiate for potential contracts “for certain investment in Venezuela.” However, the US agency will continue to bar participation by several countries, including China, Iran and Russia.

“These general licenses invite American and other aligned companies to play a constructive role in supporting economic recovery and responsible investment,” said a Trump administration media note that characterised the OFAC move as part of Trump’s commitment to “rapidly” reopen the oil industry.

“The United States is committed to restoring Venezuela’s prosperity, safety, and security for the benefit of both the American and Venezuelan people.”

An ‘important step’

On Wednesday, Wright became the highest ranking US official to visit the country since Trump ordered the seizure of socialist leader Nicolas Maduro on January 3 on allegations of drug trafficking and other crimes.

Wright met with interim leader Delcy Rodriguez, who has won high praise from the Trump administration for her cooperation thus far, which has included a quick passage of legal reforms to the Venezuelan oil sector.

Wright said Wednesday that the US oil embargo on Venezuela, in place since 2019, was “essentially over.” Wright called for a “dramatic increase” in Venezuela’s production of oil, natural gas and electricity which would improve “the job opportunities, the wages and the quality of life” of all Venezuelans.

“We welcome the recent actions by the Administration,” said a spokesperson for Chevron, which has been the only US company to remain in Venezuela after departures by ExxonMobil and ConocoPhillips.

“The new General Licenses, coupled with recent changes in Venezuela’s Hydrocarbons Law, are important steps toward enabling the further development of Venezuela’s resources for its people and for advancing regional energy security.”

The country produced 1.2 million oil barrels per day in 2025 — up from a historic low of 360,000 in 2020 — but still far from the 3.0 million bpd it was pumping 25 years ago.

Published in Dawn, February 14th, 2026

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