Trump Administration Set to Approve Expanded Drilling Licenses in Venezuela

The Trump administration is on the verge of granting a license that would permit additional companies to engage in oil drilling activities in Venezuela. This move signifies a potential shift in U.S. policy regarding Venezuelan oil operations.

According to an insider familiar with the situation, the issuance of this general license could be imminent, possibly arriving by the end of this week. This development was initially covered by Bloomberg.

In a written statement, White House spokesperson Taylor Rogers emphasized the administration’s commitment to facilitating these efforts. “The President’s team is working around the clock to ensure oil companies are able to make investments in Venezuela’s oil infrastructure. Stay tuned!” Rogers noted.

The Hill has reached out to the Treasury Department, the agency responsible for issuing such licenses, for further comments on this development.

The plan was first reported by Bloomberg.

White House spokesperson Taylor Rogers, in a written statement, said, “The President’s team is working around the clock to ensure oil companies are able to make investments in Venezuela’s oil infrastructure. Stay tuned!” 

The Hill has reached out to the Treasury Department, which issues such licenses, for comment.

The news comes as the administration has repeatedly said it wants more U.S. firms to drill in Venezuela, a push that has been met with tepid interest from industry.

Currently, Chevron is the only U.S. company that is drilling in Venezuela and has a license that allows it to do so without facing U.S. sanctions.

Last week, the Trump administration separately issued a license enabling U.S. firms to trade oil that’s produced in Venezuela.

After the U.S. captured Venezuelan President Nicolás Maduro, the Trump administration has repeatedly indicated that it would seek to manage and sell Venezuelan oil.

Venezuela has the world’s largest proven oil reserves — enough for 303 billion barrels, as of 2023.