On the morning of February 11, the Office of Foreign Assets Control (OFAC) under the US Treasury Department announced a new legal document. This decision adjusts the scope of sanctions, allowing the resumption of the flow of important equipment and technology that has been disrupted for a long time.
According to the content of the license, the US government authorizes businesses to export, re-export goods, technology, software and provide related technical services.
The scope of application includes exploration activities, project development and production of crude oil and natural gas on Venezuelan territory. This is seen as a significant easing move, creating conditions for the country's energy industry to access the necessary technical solutions to maintain and expand production.
In addition to the energy sector, the US Treasury Department also issued sanction exemption regulations for transport infrastructure operations.
Transactions related to maintenance, repair and operation of the seaport and airport system in Venezuela will be allowed to be carried out. This regulation aims to ensure continuity for the logistics supply chain, directly serving the import and export of goods and oil and gas transportation.
Analysts assess that this decision will directly affect the production capacity of the Venezuelan National Oil Corporation (PDVSA). Over the years, Venezuela's mining infrastructure has seriously deteriorated due to lack of spare parts and maintenance technology from the West.
The US re-licensing of technology exports will help Venezuela overcome technical problems at drilling rigs and oil refineries, thereby gradually restoring exploitation output.
This move by Washington takes place in the context of the global energy market being volatile and the need to diversify crude oil supply is increasingly urgent. The clearing of operations for the oil and gas industry and the Caracas seaport is expected to help stabilize supply and create a premise for further diplomatic steps between the two countries.
However, the US Treasury Department also noted that these licenses may be revoked or amended depending on the actual situation and political commitments of the Venezuelan government.
