U.S. oil services firms push for revamped Venezuela license - Reuters
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U.S. oilfield services companies Schlumberger (NYSE:SLB), Halliburton (HAL), Baker Hughes (BKR) and Weatherford International (WFRD) are joining an appeal to the Biden administration for authorizations to restart oil drilling in Venezuela, Reuters reported Thursday.
The four firms have been barred since 2019 from helping Venezuela's state-run PDVSA and its joint ventures produce oil, and any easing by the U.S. Treasury Department of a restricted license they share with Chevron could allow them to expand operations in the country.
The companies could promptly reactivate their equipment in Venezuela, according to the report, potentially reviving crude output which remains at 40% of pre-sanction levels.
U.S officials are said to still be debating whether to revamp the current license, set to expire in June, after Chevron requested U.S. authorization to take operating control of its projects with PDVSA.
A high-level meeting between U.S and Venezuelan officials last month opened the possibility that sanctions imposed by the U.S. on PDVSA in 2019 could be relaxed due to global need for fuel caused by Russia's invasion of Ukraine.