HAL - Treasury permits select US oil firms to maintain operations in Venezuela despite 2019 embargo

The Department of the Treasury has extended the following companies a general license to operate in Venezuela through June 1, 2022 - Chevron (NYSE:CVX), Halliburton (NYSE:HAL), Schlumberger (NYSE:SLB), Baker Hughes (NYSE:BKR), Weatherford International (NASDAQ:WFRD) The general license provides companies authority to transact with Petroleos de Venezuela (PDVSA), provided the transactions are related to maintenance of essential operations or wind down of existing operations in Venezuela Venezuela has access to more oil reserves than any country in the world, according to BP's Statistical Review of World Energy, but is currently running zero rigs, down from around 50 rigs five years ago Oil production in country remains below 1.0mb/d, down from ~2.5mb/d five years ago

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Treasury permits select US oil firms to maintain operations in Venezuela, despite 2019 embargo