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Repsol Receives US License to Maintain Venezuela Operations

OIL
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Spain’s Repsol has received a license from the US May 23 which allows it to continue its operations in Venezuela beyond May 31, according to Bloomberg.

  • Repsol’s joint assets with PDVSA are expected to produce 20k b/d in the coming months, Bloomberg said.
  • Licenses are being granted on an individual basis after the US revoked the general license for operations in Venezuela’s oil and gas sector in April.
  • Bloomberg previously reported that the US government has received up to 50 private license requests.
  • The failure to renew the general license was attributed to President Maduro’s failure to meet commitments to ensure free and fair elections.
  • Platts said that Washington is not expected to reimplement a general license because focusing on company-specific licenses could work just as well.
  • Individual licenses offer the US some leverage in future negotiations with Venezuela, while also keeps the oil flowing during an election year.
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Spain’s Repsol has received a license from the US May 23 which allows it to continue its operations in Venezuela beyond May 31, according to Bloomberg.

  • Repsol’s joint assets with PDVSA are expected to produce 20k b/d in the coming months, Bloomberg said.
  • Licenses are being granted on an individual basis after the US revoked the general license for operations in Venezuela’s oil and gas sector in April.
  • Bloomberg previously reported that the US government has received up to 50 private license requests.
  • The failure to renew the general license was attributed to President Maduro’s failure to meet commitments to ensure free and fair elections.
  • Platts said that Washington is not expected to reimplement a general license because focusing on company-specific licenses could work just as well.
  • Individual licenses offer the US some leverage in future negotiations with Venezuela, while also keeps the oil flowing during an election year.