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Several partners of the state-owned Petróleos de Venezuela (PDVSA) have requested special licenses or authorizations from the U.S. government to export Venezuelan oil, in a move that indicates a possible easing of the sanctions regime imposed on Caracas since 2019, according to industry sources revealed to Reuters.
Among the companies that have submitted applications are the Spanish Repsol, the Italian ENI, and the French Maurel & Prom, all of which have active projects in Venezuela.
According to sources from the mentioned media outlet, the requested terms are similar to those granted in previous years, when Washington allowed these companies to receive and export Venezuelan crude for their refineries and clients, while supplying fuel to the South American country through debt recovery mechanisms.
Suspended licenses and new contacts with Washington
European oil companies have been unable to export Venezuelan crude since the second quarter of last year, when President Donald Trump suspended the existing licenses. Nevertheless, the topic returned to the discussion table following a recent meeting at the White House, where Trump urged several oil companies to invest in the reconstruction of the Venezuelan energy sector.
When asked about the requests, a spokesperson for the U.S. Department of the Treasury noted last week that the agency does not comment on specific authorizations, although Washington has reiterated that it is considering gradually easing sanctions following what it describes as the political "capture" of Venezuelan President Nicolás Maduro.
More actors are looking to enter the Venezuelan oil business
European requests come after Vitol and Trafigura received two initial authorizations last week, allowing oil sales of approximately $500 million, according to a government official quoted by Reuters. At least two tankers have recently departed from Venezuela carrying crude shipments to terminals in the Caribbean.
In addition to European oil companies, U.S. firms, foreign refiners, and major trading houses have begun discussions with Washington to obtain licenses related to Venezuelan oil.
Among them are Chevron, which could receive this week an expanded license to increase production and exports; Valero Energy, India's Reliance, and the trading companies Mercuria and Glencore. Marathon Petroleum also confirmed that it is in negotiations for an authorization.
A key agreement and a large-scale plan
This month, Caracas and Washington reached an agreement for the supply of 50 million barrels of crude oil, seen as the first step in Trump's ambitious plan to rebuild the deteriorated Venezuelan oil industry, with estimated investments of up to 100 billion dollars.
The growing interest from international companies suggests that, despite political tensions, Venezuela is re-emerging on the global energy radar, while the United States redefines its strategy of sanctions and economic pressure on the regime in Caracas.
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