The U.S. on May 23 renewed for six months a license authorizing a group of U.S. oil service companies to preserve assets in Venezuela, keeping long-standing restrictions that prevent them from drilling, processing or handling any Venezuela-origin barrel of oil.
The license, issued by the U.S. Treasury Department, was first granted in 2019 to Halliburton Co., Schlumberger NV, Baker Hughes Co. and Weatherford International LLC, along with U.S. producer Chevron Corp, by former U.S. President Donald Trump's administration.
In November, the Treasury gave Chevron a separate license to expand operations in Venezuela and export crude to the U.S., but kept restrictions for the oil service companies.
The license this time extended the authorization to the service firms for preserving their assets in Venezuela through Nov. 19, the document published by the Treasury said.
Some of the four U.S. service companies have rigs and other specialized equipment stored in Venezuela. The license allows them to maintain those assets, offices and staff in the country, but does not authorize any core activity with state company PDVSA or its joint ventures, such as drilling or well maintenance.
Recommended Reading
Chesapeake, Awaiting FTC's OK, Plots Southwestern Integration
2024-04-01 - While the Federal Trade Commission reviews Chesapeake Energy's $7.4 billion deal for Southwestern Energy, the two companies are already aligning organizational design, work practices and processes and data infrastructure while waiting for federal approvals, COO Josh Viets told Hart Energy.
Exclusive: Liberty CEO Says World Needs to Get 'Energy Sober'
2024-04-02 - More money for the energy transition isn’t meaningfully moving how energy is being produced and fossile fuels will continue to dominate, Liberty Energy Chairman and CEO Christ Wright said.
Exclusive: Sabine CEO says 'Anything's Possible' on Haynesville M&A
2024-04-09 - Sabine Oil & Gas CEO Carl Isaac said it will be interesting to see what transpires with Chevron’s 72,000-net-acre Haynesville property that the company may sell.
Exclusive: Chevron New Energies' Bayou Bend Strengthens CCUS Growth
2024-02-21 - In this Hart Energy LIVE Exclusive interview, Chris Powers, Chevron New Energies' vice president of CCUS, gives an overview of the company's CCS/CCUS activity and talks about the potential and challenges of it onshore-offshore Bayou Bend project.
Exclusive: As AI Evolves, Energy Evolving With It
2024-02-22 - In this Hart Energy LIVE Exclusive interview, Hart Energy's Jordan Blum asks 4cast's COO Andrew Muñoz about how AI is changing the energy industry—especially in the oilfield.