The Trump administration has issued new licenses permitting Chevron, Shell, BP, ENI, and Repsol to increase their oil and gas investments in Venezuela, with the goal of revitalizing production and strengthening regional energy security. This move reflects a shift in US policy, as the administration has relaxed restrictions on foreign energy investments to encourage recovery in Venezuela’s oil sector, which could help stabilize the country’s economy and meet global supply demands.
US grants Chevron and others licenses for Venezuela oil expansion
