Oil pumpjack and drilling rig in Venezuela. Photo: HumbRios.
Guacamaya, March 7, 2025. The Trump administration is reportedly preparing to terminate the licenses of other oil companies operating in Venezuela, following the forced exit of Chevron, according to Bloomberg.
While the American energy giant held a general public license, other companies received private authorizations, including the French firm Maurel et Prom, the Spanish company Repsol, and Global Oil, the asphalt company owned by magnate Harry Sargeant III.
According to Bloomberg, officials from the Trump administration have already notified Maurel et Prom and Global Oil that they have 30 days to cease their operations in Venezuela. While the European company is involved in a joint venture, Petroregional del Lago, Global Oil is responsible for transporting asphalt to Curaçao, the United States, and other destinations.
Other companies, such as the Italian firm Eni, hold a “comfort letter,” a form of assurance from the U.S. Department of the Treasury that they will not be affected by sanctions, but without offering a specific license. It is unclear whether they will be able to continue operating in Venezuela.
British companies Shell and BP, as well as India’s Reliance Industries, also hold licenses, though they have not yet been mentioned in any official statements.
The U.S. government has the ability to block the business operations of foreign companies in a third country, as many of them maintain bank accounts and other assets on American soil. They could also face complications in accessing technologies or processing transactions through international banks.
