U.S. Eases Sanctions, Allows Oil and Gas Exploration in Venezuela

New general license aims to boost Venezuela's crude production, which has been hampered by U.S. sanctions.

Published on Feb. 11, 2026

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The U.S. Treasury Department has issued a new general license that allows companies to engage in the exploration, development, and production of oil and gas in Venezuela. This move comes after the capture of President Nicolas Maduro by U.S. forces in early January. The license mandates that any contracts must follow U.S. laws and that payments to sanctioned entities must be made into a U.S.-overseen fund.

Why it matters

This decision by the U.S. government is aimed at increasing Venezuela's crude oil production, which has been severely limited by years of sanctions. The move is part of a broader effort by the U.S. to support the new interim government and facilitate the country's economic recovery following the political turmoil.

The details

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 also allows for the maintenance of existing oil and gas operations, including equipment repairs. However, the license does not permit the formation of new joint ventures or other entities in Venezuela to explore or produce oil and gas.

  • The U.S. Treasury Department issued the new general license on February 11, 2026.
  • The license comes after the capture of President Nicolas Maduro by U.S. forces in early January 2026.

The players

U.S. Treasury Department

The U.S. government agency that oversees economic and trade sanctions.

Nicolas Maduro

The former president of Venezuela who was captured by U.S. forces in early January 2026.

Delcy Rodriguez

The interim president of Venezuela who took office in January 2026.

PDVSA

Venezuela's state-owned oil and gas company.

Chevron

A major U.S. oil company that has operations in Venezuela.

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What they’re saying

“Our focus remains on the safety of our people, and the integrity of our assets in strict compliance with all laws and regulations applicable to its business, as well as the sanctions frameworks provided for by the U.S. government.”

— Chevron (CNBC)

What’s next

The new general license is expected to facilitate increased oil and gas production in Venezuela, as companies will now have the necessary U.S. authorization to use specialized equipment and import rigs. This could lead to a potential 20% increase in Venezuela's crude output in the coming months.

The takeaway

The U.S. decision to ease sanctions on Venezuela's energy industry is a significant shift in policy, aimed at supporting the new interim government and boosting the country's economic recovery. This move highlights the Biden administration's willingness to take a more pragmatic approach to foreign policy in the region.