Spain’s Repsol Awarded US License to Operate in Venezuela

Spanish driller Repsol SA obtained a license from the US on Wednesday to keep operating in Venezuela after May 31, according to people with knowledge of the matter.

Bloomberg
Updated24 May 2024
Spain’s Repsol Awarded US License to Operate in Venezuela
Spain’s Repsol Awarded US License to Operate in Venezuela

Spanish driller Repsol SA obtained a license from the US on Wednesday to keep operating in Venezuela after May 31, according to people with knowledge of the matter.

Oil firms that want to stay in Venezuela have been applying for permits from US Treasury after Washington reimposed sanctions last month. 

Repsol recently signed a deal with state-owned Petroleos de Venezuela SA that adds jointly managed fields to its operations. In the next few months the assets are expected to produce 20,000 barrels a day, doubling what the European major currently produces in one of its three ventures, Chief Executive Officer Josu Jon Imaz said in a call with investors in April.

A press official for US Treasury declined to comment.

The US is trying to use sanctions as leverage to ensure fairer presidential elections in July. Last year, Washington temporarily removed restrictions on Venezuela’s gold and oil sectors after the government of President Nicolás Maduro and the opposition signed a deal in Barbados on electoral guarantees.

After decades of mismanagement in its state-owned companies, ultimately hit by US sanctions, Maduro’s government has given oil majors more operational control in their local joint ventures. Repsol currently has three joint ventures with PDVSA, one of them alongside Italy’s Eni SpA.

The Spanish driller has also been among the foreign oil companies delivering a string of fuel and refined products to PDVSA, helping ease years of painful gasoline shortages.

With assistance from Fabiola Zerpa.

This article was generated from an automated news agency feed without modifications to text.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeNewsworldSpain’s Repsol Awarded US License to Operate in Venezuela

Most Active Stocks

Bharat Electronics

309.55
10:29 AM | 14 JUN 2024
8.6 (2.86%)

Indian Oil Corporation

170.30
10:25 AM | 14 JUN 2024
1.2 (0.71%)

HDFC Bank

1,597.45
10:28 AM | 14 JUN 2024
16.55 (1.05%)

State Bank Of India

840.20
10:29 AM | 14 JUN 2024
-3.7 (-0.44%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

JK Paper

490.70
10:25 AM | 14 JUN 2024
44.35 (9.94%)

KRBL

310.05
10:22 AM | 14 JUN 2024
23.05 (8.03%)

Poly Medicure

2,003.00
09:59 AM | 14 JUN 2024
142.9 (7.68%)

KEC International

935.20
10:25 AM | 14 JUN 2024
66.25 (7.62%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,950.00647.00
    Chennai
    73,160.00-503.00
    Delhi
    73,663.00-503.00
    Kolkata
    73,016.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanGet App