The United States announced this Friday, February 13, 2026, the issuance of two general licenses allowing five major oil companies to resume and expand their operations in Venezuela, marking a significant step in the easing of sanctions on the country’s energy sector.
The companies benefiting from the measure are Chevron (U.S.), Repsol (Spain), Eni (Italy), BP, and Shell (United Kingdom). They will now be able to carry out full transactions related to oil and gas activities, including production, refining, and new investments under U.S. oversight.
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The decision aims to encourage the recovery of Venezuela’s oil industry, home to the world’s largest proven crude reserves, while also opening commercial opportunities for global energy giants that had been restricted for years.
Although this authorization represents a shift in Washington’s policy toward Caracas, it also includes strict controls on payments, operational reporting, and compliance conditions. Transactions involving sanctioned countries or entities such as Russia, Iran, China, or Cuba remain prohibited.
What impact could this decision have?
It could revitalize Venezuela’s oil production, attract foreign investment, and reshape economic relations, though it may also spark political and geopolitical debate.
