Venezuela's Oil Industry and Foreign Companies

SOURCE www.breitbart.com
Venezuelan Vice President and Oil Minister Delcy Rodríguez calls for foreign oil and gas companies to maintain operations in Venezuela despite the termination of licenses by the U.S. Companies affected include Chevron, Maurel and Prom, Repsol, ENI, and Global Oil Terminals. The Maduro regime assures that oil production is normal and companies can continue operations under Venezuelan law.

Key Points

  • Impending termination of oil and gas licenses for foreign companies in Venezuela by the U.S.
  • Venezuelan Vice President urges companies to continue operations under local law
  • Repsol in talks with U.S. authorities to explore options for continuing operations in Venezuela

Pros

  • Venezuela aims to maintain oil production despite challenges
  • Foreign companies can continue operations under Venezuelan law

Cons

  • U.S. terminated licenses for companies to operate in Venezuela
  • Impending challenges for companies due to U.S. sanctions