U.S. officials are working to issue a general license soon that would lift some sanctions on Venezuela’s energy sector, three sources familiar with the preparation said on Tuesday, a shift from a previous plan to grant individual exemptions to sanctions for companies seeking to do business in the country.
Following the U.S. capture of Venezuelan President Nicolas Maduro earlier this month, U.S. officials have said Washington would ease sanctions imposed on Venezuela’s energy industry to facilitate a $2 billion oil supply deal between Caracas and Washington and an ambitious $100 billion reconstruction plan for the country’s oil industry.
Many partners and customers of state oil company PDVSA, including U.S. major Chevron, have applied for individual licenses in recent weeks to expand oil output and exports from the OPEC member.
The volume of individual requests to the U.S. government has delayed progress on plans to expand exports and get investment moving quickly into the country, the sources said.
The U.S. Treasury Department and the White House did not immediately reply to requests for comment.
(Reporting by Marianna Parraga, Jarrett Renshaw and Don Durfee; additional reporting by Timothy Gardner. Editing by Simon Webb)