Spain’s Repsol Awarded US License to Operate in Venezuela

The permit allows Repsol to stay in Venezuela after May 31
Maduro has given oil majors more operational control over JVs

Francisco Gea, executive managing director of Exploration and Production (E&P) at Repsol SA, left, and Pedro Rafael Tellechea, Venezuela’s oil minister and president of Petroleos de Venezuela SA (PDVSA), during a news conference in Caracas, Venezuela, on Monday, Dec. 18, 2023.405630170Photographer: Carlos Becerra/Bloomberg

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By Rodrigo Orihuela, Patricia Laya, and Nicolle Yapur

May 23, 2024 at 6:21 PM UTC

Updated on

May 23, 2024 at 10:11 PM UTC

This article is for subscribers only.

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.