The U.S. Treasury Department on Tuesday issued a general license to facilitate the exploration and production of oil and gas in Venezuela, a long-awaited step that could help increase output in the country. The new general license authorizes the provision of U.S. goods, technology, software or services for the exploration, development or production of oil and gas in Venezuela, it says. The license does not authorize "the formation of new joint ventures or other entities in Venezuela to explore or produce oil or gas." Transactions to maintain oil or gas operations, including equipment repairs for exploration or production were authorized. Washington has since drafted an ambitious $100 billion reconstruction plan for the country's oil industry, expected to allow the expansion of foreign producers and see the entrance of new participants, including oil service providers.

Source: The Telegraph February 11, 2026 05:20 UTC