Spain's Repsol has been granted a license from the US Treasury Department authorising the company to continue and expand its oil and gas business in Venezuela.
The energy company has several joint ventures with Venezuela's state oil company PDVSA to produce crude and gas in the country, Reuters reported. The two firms recently agreed to add two large onshore fields to one of the joint projects.
Washington is reviewing up to 50 individual license requests to do energy businesses in the South American country.
They follow the expiration in April of a broad authorisation that allowed the South American nation to export oil to its chosen market and receive investment as an exemption to the U.S. sanction regime.
Repsol and PDVSA aim to double oil output from the Petroquiriquire joint venture, where they are currently producing some 20,000 bpd of crude and 40 MMft3d of gas.
The expansion, approved by Venezuela's National Assembly, adds the promising La Ceiba and Tomoporo oilfields to the joint venture. The two areas have more than 5 Bbbl of oil in place.
Repsol gets green light for Venezuela oil and gas projects
