Spanish driller Repsol SA obtained a license from the US on Wednesday to maintain working in Venezuela after Could 31, in response to individuals with data of the matter.
Oil companies that wish to keep in Venezuela have been making use of for permits from US Treasury after Washington reimposed sanctions final month.
Repsol not too long ago signed a take care of state-owned Petroleos de Venezuela SA that provides collectively managed fields to its operations. Within the subsequent few months the belongings are anticipated to provide 20,000 barrels a day, doubling what the European main at present produces in certainly one of its three ventures, Chief Govt Officer Josu Jon Imaz mentioned in a name with traders in April.
Francisco Gea, government managing director of Exploration and Manufacturing (E&P) at Repsol SA, left, and Pedro Rafael Tellechea, Venezuela’s oil minister and president of Petroleos de Venezuela SA (PDVSA), throughout a information convention in Caracas, Venezuela, on Monday, Dec. 18, 2023.405630170
A press official for US Treasury declined to remark.
The US is attempting to make use of sanctions as leverage to make sure fairer presidential elections in July. Final 12 months, Washington quickly eliminated restrictions on Venezuela’s gold and oil sectors after the federal government of President Nicolás Maduro and the opposition signed a deal in Barbados on electoral ensures.
After many years of mismanagement in its state-owned firms, finally hit by US sanctions, Maduro’s authorities has given oil majors extra operational management of their native joint ventures. Repsol at present has three joint ventures with PDVSA, certainly one of them alongside Italy’s Eni SpA.
The Spanish driller has additionally been among the many overseas oil firms delivering a string of gas and refined merchandise to PDVSA, serving to ease years of painful gasoline shortages.