US Issues License for Oil and Gas Exploration in Venezuela

The U.S. Treasury Department issued a general license on Feb. 10 authorizing the exploration, development, and production of oil and gas in Venezuela—a long-awaited step to help increase crude output from the country. The license allows U.S. citizens to conduct specific oil and gas-related transactions with the Venezuelan government, including providing goods, technology, software, and services for exploration work, development of new oil and gas sites, or production. The license also covers shipping, logistics, chartering vessels, insurance, and maintenance operations. The move was expected to breathe new life into Venezuela’s state oil company PDVSA, which was forced to make deep output cuts after Washington imposed a strict blockade to pressure regime leader Nicolás Maduro in January. The blockage led to millions of barrels of crude building up on shore....