The Trump administration has taken several steps to implement President Trump's plan for Venezuela's oil sector, aiming to reopen and develop the country's industry with benefits for both American and Venezuelan citizens.
According to the administration, the United States has issued a series of general licenses that allow oil and gas companies to invest in Venezuela's energy infrastructure. On January 29, the Treasury Department's Office of Foreign Asset Control (OFAC) issued General License 46. This license permits U.S.-incorporated firms to market Venezuelan oil globally, with a focus on the U.S. market. Payments for these transactions must be made under commercially reasonable terms and deposited into accounts in the United States overseen by the Departments of State and Treasury.
"We will assure these funds are spent transparently and for the benefit of the Venezuelan people," stated officials in the announcement.
On February 3, OFAC released General License 47, which allows companies to sell U.S.-origin diluent—an essential product for oil production—to Venezuela. The administration claims this move will provide significant advantages for both Venezuelans and the U.S. economy.
Further authorizations followed on February 10 with General License 48, enabling U.S. firms to supply goods, equipment, and services necessary for Venezuela’s oil and gas industry. The administration believes this measure will help repair and upgrade critical infrastructure.
On February 13, two more licenses were announced: General License 50 allows certain firms in Venezuela to expand operations and pursue new upstream projects; General License 49 authorizes negotiations for contingent contracts between oil and gas companies and Venezuela regarding investment in upstream projects. These proposed contracts are subject to further review by U.S. authorities.
"These investments will lay the foundation for the modernization of the Venezuelan oil and gas industry, increase production, and shore up U.S. supply lines in our own hemisphere," said officials from the Trump administration.
Venezuela’s economic challenges have been attributed by U.S. officials to instability, corruption, and mismanagement over recent years. The newly issued general licenses are intended to encourage American and aligned international companies to contribute constructively toward economic recovery in Venezuela through responsible investment.
"Additional authorizations may also be issued as necessary in furtherance of President Trump’s vision," officials noted.
The United States government reiterated its commitment "to restoring Venezuela’s prosperity, safety, and security for the benefit of both the American and Venezuelan people." The statement added that renewed cooperation could help Venezuela become "a stable, prosperous partner whose citizens benefit from its vast natural wealth and strengthened ties with the United States."
