U.S. could issue general license for oil companies to produce in Venezuela
Workers of the Venezuelan state oil company PDVSA work on a pump jack on Lake Maracaibo in Cabimas, Venezuela, January 27, 2026.
Leonardo Fernandez Viloria | Reuters
The Trump administration could issue a general license for companies producing oil and gas in Venezuela as soon as this week, a person familiar with the plan told CNBC on Tuesday.
Strip It is currently the only U.S. company allowed to pump oil in Venezuela under a special license issued by the Treasury Department. Chevron has several joint ventures with state oil company Petróleos de Venezuela (PDVSA).
President Donald Trump is pressing the oil industry to invest at least $100 billion to repair Venezuela’s energy industry after the United States captured former President Nicolás Maduro in a Jan. 3 raid.
“The president’s team is working around the clock to ensure oil companies can invest in Venezuela’s oil infrastructure. Stay tuned,” White House spokeswoman Taylor Rogers said in a statement. he said. Bloomberg first reported the news.
Last week, the Treasury Department released a statement. general license This allowed US companies to buy, sell, transport and refine Venezuelan crude oil, among other activities. However, this license did not include upstream production. The companies were previously banned from these activities due to US sanctions.
Last week, the Venezuelan government also adopted reforms that will ease state control over the oil industry and give private companies more autonomy.
The oil industry’s reaction to investing in Venezuela has been mixed. ExxonMobil CEO Darren Woods told Trump at the White House on January 9 that the country needed major reforms and was “uninvestable” under the current system. Exxon’s assets were seized twice by the Caracas government.
Private wildcatters and smaller shale companies have shown greater enthusiasm for the potential opportunity in the South American country.
With U.S. approvals, it could increase production in Venezuela by 50% in the next 18 to 24 months, Chevron CEO Mike Wirth told CNBC last week. It currently produces about 250,000 barrels per day in the South American country.
Venezuela is a founding member of OPEC and is believed to have the world’s largest crude oil reserves.
