On May 6th, the OFAC approved Maurel et Prom’s specific license in relation to its Petroregional del Lago joint venture, in Lake Maracaibo. The Paris-based company submitted its bid back on September 1st, 2023 before General License 44 was introduced.

This article has been edited from its original version, after it was confirmed that the minimum wage is not increasing, but subsidies are rising by USD 30.

During his May 1st speech, Venezuela’s President Nicolas Maduro announced an increase of the monthly minimum income, while salaries will be left untouched. The USD 60 “economic war” subsidy will increase to USD 90, which alongside a USD 40 food stamp subsidy will amount to USD 130.

We are starting to evaluate the following fields: Boscan, Tomoporo, Furrial, and Bolivar Coastal, as well as the Orinoco Oil Belt and the Paraguana Refining Complex.

The OFAC will replace General License 44 with GL 44A, which will last until 31 May this year. GL44 allowed for the purchase of Venezuelan oil and gas.

BP president for Trinidad and Tobago, Sir David Campbell met with Trinidadian energy minister Stuart Young and Venezuelan oil minister Rafael Tellechea.

Venezuelan president Nicolas Maduro landed in Saint Vincent and the Grenadines for the summit of the Community of Latin American and Caribbean States (CELAC).

There, Venezuela’s ruler made significant meetings with regional leaders and announcements regarding the presidential race due this year.

The threat of renewed sanctions and unclear guidance from the White House would be limiting flows of Venezuelan oil into the U.S. market, according to traders.

The OFAC reimposed sanctions on the gold sector, and is threatening to do the same with oil and gas in April, unless U.S. government demands are met.

A group of wildcat entrepreneurs visited Venezuela this week, aiming to revamp the country’s run-down oil sector, according to a source present in the meetings.