Trump to Visit Venezuela, US Lifts Oil Sanctions for BP, Shell & Others

Caracas, Venezuela – February 13, 2026 – The United States has significantly eased restrictions on Venezuela’s oil and natural gas sector, authorizing five major international oil companies to resume operations in the country, as President Donald Trump indicated plans to visit Venezuela. The move, announced Friday, represents the Trump administration’s most aggressive step yet to revitalize Venezuela’s dilapidated energy industry and comes after a period of tightened sanctions.

The companies granted authorization – BP, Chevron, Eni, Repsol, and Shell – will be permitted to operate in Venezuela, but under strict oversight from Washington. Crucially, contracts with Venezuela’s state-owned oil company, Petróleos de Venezuela (PdVSA), will require express approval from the Treasury Department’s Office of Foreign Assets Control (OFAC) and will be governed by U.S. Law, with any disputes settled within the U.S. Legal system. Payments will also be channeled through U.S.-approved accounts, ensuring a degree of financial control.

Beyond the resumption of operations for existing players, the U.S. Is also opening the door to new investment in Venezuela’s oil and gas sector. A separate license allows for exploration of new fields and development of existing ones, though these investments will also be subject to OFAC review to ensure they align with U.S. Interests.

The administration is carefully calibrating the easing of sanctions, explicitly aiming to prevent transactions that could benefit countries considered adversaries, including Russia, Iran, North Korea, Cuba, and China. According to energy expert Oswaldo Felizzola, the wording of the new investment license effectively excludes these nations, potentially opening opportunities for European and Asian companies.

The timing of these announcements coincides with a visit to Venezuela by U.S. Energy Secretary Chris Wright earlier this week. Wright met with acting President Delcy Rodriguez and oil executives to assess the state of the industry and discuss potential pathways for reconstruction. He described the potential for a “spectacular increase” in oil production, signaling a strong U.S. Commitment to the sector’s revival.

The lifting of restrictions marks a significant shift in U.S. Policy towards Venezuela. While sanctions were initially imposed in 2019, during Trump’s first term, the administration has gradually eased them in recent months. Chevron had previously maintained a limited presence in Venezuela under a specific exemption, but the new licenses broaden the scope considerably.

Chevron has welcomed the changes, stating that the recent actions by the U.S. Government, combined with legislative changes in Caracas, represent “important steps to enable the development of Venezuela’s resources for the benefit of its people and to enhance regional energy security.” Eni has also indicated We see evaluating the opportunities presented by the new licenses.

Venezuela holds the world’s largest proven oil reserves, estimated at over 300 billion barrels. However, decades of underinvestment and mismanagement have crippled production, which currently stands at around one million barrels per day. Reviving the industry is seen as crucial for stabilizing the Venezuelan economy and potentially increasing global oil supply.

The U.S. Is also providing humanitarian aid to Venezuela. On Friday, the State Department announced the delivery of over six tons of “priority medical supplies,” describing it as the first in a series of significant shipments. This aid is intended to address the country’s severe healthcare crisis, which has been exacerbated by the economic downturn.

The Trump administration’s approach appears to be predicated on a shared benefit model, with the expectation that increased oil revenues will be distributed between the U.S. And Venezuela. However, the long-term success of this strategy hinges on political stability, infrastructure improvements, and the ability to attract sustained foreign investment. The requirement for U.S. Legal jurisdiction over contracts and financial transactions also introduces a layer of complexity that could deter some potential investors.

The market reaction to the news has been muted thus far, with oil prices remaining relatively stable. However, analysts will be closely watching to see whether the easing of sanctions translates into a tangible increase in Venezuelan oil production and whether it attracts the significant investment needed to modernize the country’s energy infrastructure. The coming months will be critical in determining whether the Trump administration’s gamble on Venezuela’s oil sector will pay off.