US renews license to oil service firms in Venezuela on same terms

But the companies remain prohibited from drilling, lifting, processing, purchasing, transporting or shipping any Venezuela-origin oil. Some of the four have engaged in talks with President Joe Biden's administration in recent years to have their license expanded. But U.S. officials have said that if there is no progress by Veneuzuela towards a fair presidential election in 2024, recent sanction easing could be frozen or reverted.

The U.S. on Thursday extended through May 16 a license allowing four oilfield service firms to maintain their current assets in Venezuela, while restricting what services they can perform in the country.

Halliburton, SLB, Baker Hughes and Weatherford International can maintain "essential operations" in Venezuela, including those to ensure personnel safety and asset integrity, according to a notice posted on the U.S. Department of Treasury website. But the companies remain prohibited from drilling, lifting, processing, purchasing, transporting or shipping any Venezuela-origin oil.

Some of the four have engaged in talks with President Joe Biden's administration in recent years to have their license expanded. But U.S. officials have said that if there is no progress by Veneuzuela towards a fair presidential election in 2024, recent sanction easing could be frozen or reverted.