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US allows oil service firms to maintain assets in Venezuela through mid-Nov
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US allows oil service firms to maintain assets in Venezuela through mid-Nov
May 10, 2024 9:03 AM

WASHINGTON, May 10 (Reuters) - The U.S. on Friday

extended a license allowing certain transactions with Venezuelan

state oil company PDVSA so American energy service companies can

maintain assets after Washington last month re-imposed wide

sanctions on the OPEC member.

The companies, however, remain prohibited from drilling,

lifting, processing, purchasing, transporting or shipping any

Venezuela-origin oil.

The license is being extended through Nov. 15 and covers oil

services Halliburton ( HAL ), Schlumberger ( SLB ), Baker Hughes ( BKR )

, and Weatherford International PLC ( WFRD ), a notice on

the U.S. Treasury Department's website showed.

The Biden administration last month re-imposed sanctions on

Venezuela's oil sector in response to President Nicolas Maduro's

failure to meet his election commitments. The sanctions were

first imposed in 2019 during the administration of former

President Donald Trump.

Also last month, Treasury had given all companies doing

business with Venezuela, including oil purchases, until the end

of May to wind down pending transactions.

Venezuela's oil exports fell 38% in the month of April after

the re-imposition of sanctions approached.

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