The United States granted a license to the Spanish company Repsol to continue operating in Venezuela after May 31. Meanwhile, the Treasury is studying applications from between 20 and 50 companies that wish to do business with the South American country in the hydrocarbon sector.

In the case of Repsol, the Spanish company recently signed an agreement with the state-owned Petróleos de Venezuela (PDVSA) to expand the number of oil fields to be exploited in a joint venture. “It is expected that in the coming months the assets will produce 20 thousand barrels per day, doubling what the European company currently produces in one of its three companies,” as mentioned in April by the executive director, Josu Jon Imaz.

Regarding the license applications that the United States has received from between 20 and 50 companies, it is important to remember that last month the US authorities committed to issuing individual licenses to oil companies that were interested in doing business in Venezuela.

The Treasury, however, remains cautious regarding the internal situation in the country ahead of the presidential elections on July 28. In any case, they understand that licenses are necessary to “make investments, authorize exports and imports of crude oil, oil and gas exploration, and negotiate contracts, among others.”

M.Pino

With information from national and international media and social networks

(Reference image source: Delfino Barboza in Unsplash)

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