MercoPress. South Atlantic News Agency

U.S. prepares general licence to ease Venezuelan energy sanctions after Maduro capture

The United States is preparing a general licence to ease sanctions on Venezuela’s energy sector, aiming to facilitate an estimated $2 billion oil supply deal between Caracas and Washington, U.S. government sources told Reuters on Tuesday. The move is part of a strategic shift in U.S. policy after the Jan. 3 capture of former Venezuelan President Nicolás Maduro by U.S. forces.

The general licence would replace the previous patchwork of individual licences that critics say have slowed investment and restricted commercial operations. Major oil companies including Chevron, Repsol, ENI and Reliance Industries have applied for special permissions to operate in Venezuela, but delays and uncertainty have clouded planning and capital deployment.

U.S. officials argue the general licence would allow for the export of Venezuelan crude, repair of key energy infrastructure, and attraction of foreign direct investment without case by case bureaucratic approvals. A trading executive who spoke on condition of anonymity said, “This general licence could finally provide the legal certainty markets have been waiting for to commit meaningful capital in Venezuela.”

In Caracas, the interim government under Delcy Rodríguez has sought to open the energy sector to global players, part of a broader strategy to restore output and stabilize national finances. Though the National Assembly has moved forward with partial hydrocarbon law reforms to enable new contracting models, critics point to lingering legal uncertainties and fiscal conditions that could deter long term foreign investment.

The shift marks a notable U.S. policy evolution: sanctions and individual licence requirements had sharply curtailed Venezuela’s ability to export crude and earn revenue. A general licence would signal Washington’s intent to support Venezuela’s economic transition and to channel more oil revenues into transparent global markets, potentially benefiting U.S. energy companies.

Energy analysts note Venezuela’s vast proven crude reserves are key to any economic recovery strategy, but political developments and the terms of the general licence will be critical in determining whether major investors move decisively into the Venezuelan market.