((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
(Additional context and details) by Timothy Gardner
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 of the OPEC.
However, companies remain prohibited from drilling, lifting, processing, purchasing, transporting or shipping oil of Venezuelan origin.
The license is extended until November 15 and covers oil services Halliburton HAL.N, Schlumberger
SLB.N, Baker Hughes BKR.O and Weatherford International PLC
WFRD.O, 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.
