US soon to issue general license for oil production in Venezuela, sources say

By Marianna Parraga, Jarrett Renshaw and Valerie Volcovici WASHINGTON/HOUSTON, Feb 3 (Reuters) – The U.S. government is working to issue as early as this week a general license allowing companies to produce oil and gas in Venezuela, as Washington seeks to encourage expanded output in the OPEC nation since capturing its leader, three sources close to the matter told Reuters. The move by the Treasury's Office of Foreign Assets Control would authorize companies to explore and pump for crude oil and natural gas, the sources said. OFAC already authorized U.S. companies to load, sell, transport, store and refine Venezuelan crude oil last month in a first general license. "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," said White House spokeswoman Taylor Rogers when asked about the plans for a license. Trump has said the U.S. intends to control Venezuela's oil sales and revenues indefinitely since U.S. forces seized then-President Nicolas Maduro in a raid on the capital Caracas on January 3. He wants U.S. oil companies to eventually invest $100 billion to restore Venezuela's energy industry to its historic output peaks following years of underinvestment, mismanagement and sanctions. (Reporting by Marianna Parraga in Houston, Jarrett Renshaw and Valerie Volcovici in Washington; editing by Richard Valdmanis and Rosalba O'Brien)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)