US Allows Oilfield Contractors to Go to Work in Venezuelan Fields

Article content(Bloomberg) — The US government issued a general license to allow oilfield-service companies to work in Venezuela as the Trump administration eases sanctions and pushes to rebuild the nation’s crude infrastructure.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe license issued by the Treasury Department allows US firms to explore, develop and produce oil and natural gas in Venezuela under certain limited conditions, according to a statement Tuesday.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentThe move is the latest in a series of steps Washington has taken to entice US companies to revive output from Venezuela’s vast crude reserves after last month’s capture of strongman Nicolás Maduro.Article contentArticle contentIn January, the US issued a general license that allowed for a wide range of crude operations, including exporting, transporting, refining and buying and selling crude. The general license announced Tuesday involves tasks such as geological mapping, reservoir analysis and related tasks that augment the commencement of oil production. Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentHowever, the license does not allow new joint ventures in Venezuela. US people and firms will need to provide detailed plans to the State Department and Department of Energy for any work in the country, according to the statement.Article contentThe Treasury Department is also preparing to issue a general license allowing companies to pump oil in Venezuela, Bloomberg reported earlier this month. Article contentOilfield service companies are hired by producers to asses discoveries, drill wells, and enhance output from older assets. SLB Ltd., Halliburton Co. and Baker Hughes Co. dominate the sector.Article contentSLB has been working in Venezuela for Chevron Corp., operating under a US license held by the supermajor. The other large contractors scaled back or shut down their primary operations in the country as the previous regime tightened control over the energy industry. Article content—With assistance from Jennifer A. Dlouhy.Article contentTrending John Manley: Why Canada needs to play it cool on CUSMA — and keep its options open Economy 'Escape hatches are gone': Power of sale listings surge in Toronto Real Estate As Cuba fuel crisis deepens, Canadians on the ground remain in vacation mode News The problem of the Toys 'R' Us $36-million gift card mountain Retail & Marketing BlackBerry cofounder Michael Lazaridis invests in Vancouver-based AI startup Innovation Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. John Manley: Why Canada needs to play it cool on CUSMA — and keep its options open Economy 'Escape hatches are gone': Power of sale listings surge in Toronto Real Estate As Cuba fuel crisis deepens, Canadians on the ground remain in vacation mode News The problem of the Toys 'R' Us $36-million gift card mountain Retail & Marketing BlackBerry cofounder Michael Lazaridis invests in Vancouver-based AI startup Innovation