PDVSA Welcomes Renewed Oil and Gas Operations in Venezuela After OFAC Licenses
Petróleos de Venezuela S.A. (PDVSA) recently announced a significant development for the Venezuelan oil and gas sector following the issuance of new general licenses by the U.S. Treasury’s Office of Foreign Assets Control (OFAC). These licenses authorize leading international energy companies—Chevron, BP, Eni, Shell, and Repsol—to resume operations in Venezuela and enter into new investment negotiations with PDVSA and its partners.
This pivotal moment opens the door for the revitalization of major projects, especially in the Orinoco Oil Belt, Venezuela’s richest hydrocarbon region, and in joint production areas. In a sign of renewed international engagement, the U.S. Secretary of Energy, Chris Wright, recently visited Caracas. During his visit, officials conducted assessments of key facilities and operational zones such as Petropiar, focusing on technical support and highlighting the sector’s intention to attract global capital. The goal is to modernize and expand output using advanced operational practices, ensuring competitiveness and sustainability for the Venezuelan energy industry.
“With these new licenses, our aim is to bring critical spare parts, cutting-edge technology, and specialized services to Venezuela,” a PDVSA spokesperson noted. Such advancements are expected to accelerate the progressive recovery of mature oil fields, reinforce the nation’s energy logistics infrastructure, and enable sustainable increases in oil and gas production.
According to PDVSA, these measures will also have a significant socio-economic impact: the modernization of the oil and gas sector is set to generate skilled job opportunities, stimulate the influx of foreign capital, and boost Venezuela’s foreign exchange earnings from energy exports. Ultimately, these developments are expected to benefit the national economy and lay the foundation for a more robust and competitive Venezuelan energy industry.
Team V.4-LKDN-UAE
