US revokes oil, gas firms’ licenses in Venezuela

By Al Mayadeen English
Source: Agencies
31 Mar 2025 07:18

Venezuelan Vice President Delcy Rodriguez says her country had been prepared for this development and remained committed to honoring contracts with the affected companies.

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Flare stacks release gases at the Jose Antonio Anzoategui oil complex in Barcelona, Venezuela, Jan. 9, 2024 (AP)

Venezuela confirmed on Sunday that the United States had revoked the operating licenses of several transnational oil and gas companies in the country.

These licenses had been granted despite Washington’s sanctions against the South American nation.

While Caracas did not specify which companies were affected, industry experts had anticipated that European oil giants Repsol of Spain and Maurel & Prom of France would be impacted, particularly after the US ordered American oil major Chevron to exit Venezuela in February.

"I want to inform you that we have maintained fluid communication with the transnational oil and gas companies operating in the country, and that they have been notified in recent hours by the US government about the revocation of their licenses," Venezuelan Vice President Delcy Rodriguez said in a statement on Telegram.

Rodriguez affirmed that Venezuela had been prepared for this development and remained committed to honoring contracts with the affected companies.

However, firms violating the US oil embargo or other restrictions could face sanctions from Washington.

At the end of February, US President Donald Trump revoked Chevron’s license, which had previously allowed it to continue operations in Venezuela despite sanctions. Other companies had also been granted similar exemptions.

In his broader efforts to exert economic pressure on Venezuela, Trump last week imposed steep 25% tariffs on imports from nations purchasing Venezuelan oil and gas.

The United States, along with several other countries, does not recognize Venezuelan President Nicolas Maduro’s claim to victory in last year’s elections.

Venezuela’s oil production, which stood at over three million barrels per day (bpd) 25 years ago, has declined significantly to approximately one million bpd today, after plummeting to below 300,000 at its lowest point.