US Eases Sanctions, Allows Oil Majors to Resume Venezuela Operations

New general licenses permit global energy companies to invest in Venezuela's oil and gas sector

Published on Feb. 13, 2026

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The U.S. government has eased sanctions on Venezuela's energy sector, issuing two general licenses that allow global energy companies like Chevron, BP, Eni, Shell and Repsol to resume oil and gas operations in the OPEC member country. Another license permits companies worldwide to enter contracts for new investments in Venezuelan oil and gas, excluding deals with entities from Russia, Iran or China.

Why it matters

This marks the biggest relaxation of U.S. sanctions on Venezuela since the removal of President Nicolas Maduro last month. The move aims to facilitate increased energy investment and production in Venezuela, which has struggled economically under years of political turmoil and sanctions.

The details

The Treasury Department's Office of Foreign Assets Control issued the licenses, which allow the named oil majors to restart operations in Venezuela and enable other companies globally to negotiate new energy investment contracts in the country. However, the licenses prohibit transactions with entities from Russia, Iran or China, or joint ventures involving those countries.

  • The licenses were issued on February 13, 2026.
  • The U.S. has had sanctions on Venezuela in place since 2019 under the Trump administration.

The players

Chevron

An American multinational energy corporation that is one of the world's largest integrated energy companies.

BP

A British multinational oil and gas company headquartered in London, one of the world's seven oil and gas "supermajors".

Eni

An Italian multinational oil and gas company, considered one of the world's seven "supermajor" oil and gas companies.

Shell

A British multinational oil and gas company, considered one of the world's seven "supermajor" oil and gas companies.

Repsol

A Spanish multinational energy and petrochemical company, one of the largest private oil companies in the world.

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What they’re saying

“Venezuela was "uninvestable" at the moment.”

— Darren Woods, CEO, Exxon Mobil (White House meeting)

“Oil sales from the country since Maduro's capture have hit $1 billion and would hit another $5 billion in months.”

— Chris Wright, U.S. Energy Secretary (Reuters)

What’s next

The U.S. government will control the proceeds from Venezuela's oil sales until the country establishes a "representative government."

The takeaway

This move by the U.S. to ease sanctions on Venezuela's energy sector signals a shift in policy aimed at facilitating increased foreign investment and oil production in the country, which has struggled economically under years of political turmoil and sanctions.