HomeEconomyOil companies speed up the process to obtain an operating license in Venezuela

Oil companies speed up the process to obtain an operating license in Venezuela

International companies are racing against time to operate in the country before the “sanctions” reach them.

Foreign oil companies operating in Venezuela have begun a hectic race to obtain licenses that allow them to continue operating in the country amid the sanctions that the United States has once again applied against national energy activity.

Companies that want to remain in Venezuela, such as the Spanish Repsol or the Italian ENI, top the list of foreign companies that wish to formalize their situation to continue with the contracts already signed with the Venezuelan State.

In this process, each project requires an individual license, which complicates the situation for interested companies that, however, are not willing to give up their intention to continue investing in the country.

The urgency of these companies lies in the fact that any delay in the process could put them in danger of failing to comply with the restrictions imposed by Washington or of not being able to fulfill the commitments made with Venezuela. Interested companies only have two weeks to obtain this license, if they want to continue their activities in the country.

Other companies that are processing licenses are the Indian Reliance Industries and the Colombian Ecopetrol, while the French Etablissements Maurel y Prom SA already obtained it in recent days.

The sanctions reimposed by the United States include individual exceptions for companies that already have contracts in Venezuela, which would allow them to continue operating in the country with the largest crude oil reserves in the world.

Electoral blackmail

The United States let the 44th license expire, which allowed it to temporarily ease oil sanctions against Venezuela, just as the campaign that will set the course for the presidential elections approaches.

The action is interpreted by Caracas as blackmail to pressure the imposition of a candidate favorable to Washington, after the political disqualification of Mrs. María Corina Machado, with broad US support and who represents its interests in the country.

Last year, the US temporarily eliminated some of its coercive measures against Venezuela's oil and mining activity, after the signing of the Barbados Agreement, of which Washington did not comply with a single letter, according to the Venezuelan government.


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