The United States on Friday extended a license allowing certain transactions with Venezuela’s national oil company PDVSA so that American energy services companies can retain assets after Washington last month reimposed broad sanctions on the member country of OPEC.
However, companies remain prohibited from drilling, extracting, processing, purchasing, transporting or shipping oil of Venezuelan origin.
The license is extended through Nov. 15 and covers oilfield services Halliburton, Schlumberger, Baker Hughes and Weatherford International PLC, according to a notice posted on the U.S. Treasury Department website.
Last month, the Biden administration reimposed sanctions on Venezuela’s oil sector in response to President Nicolas Maduro’s failure to fulfill his election pledges. The sanctions were first imposed in 2019 during the administration of former President Donald Trump.
Also last month, the Treasury gave all companies doing business with Venezuela, including oil purchases, until the end of May to liquidate outstanding transactions.
Venezuela’s oil exports fell 38% in April as the reimposition of sanctions approached.
