Shell and BP have recently secured the necessary authorisations from the U.S. government to operate in Venezuela’s energy sector following a major shift in U.S. policy in early 2026.
On February 18, 2026, the U.S. Office of Foreign Assets Control (OFAC) issued General License 50A, which explicitly authorises Shell, BP, Chevron, Eni, Repsol, and Maurel & Prom to conduct oil and gas operations in Venezuela.
This rapid acceleration of licensing follows the capture of Nicolás Maduro by U.S. forces in January 2026. The U.S. is now working to rejuvenate the Venezuelan energy sector with a projected $100 billion investment plan.
The companies previously requested specific licenses to restart or advance high-value gas projects shared between Venezuela and Trinidad and Tobago:
Shell (Loran-Manatee & Dragon Fields):
Shell is progressing with the Dragon gas field, which holds an estimated 4.5 trillion cubic feet (tcf) of reserves. Production is targeted to begin within three years.
The company also sought permission for the Loran-Manatee discovery, a massive field containing approximately 10 tcf of gas, with 7.3 tcf located in Venezuelan waters.
BP (Cocuina-Manakin Field):
BP’s primary interest is the Cocuina-Manakin field, which holds roughly 1 tcf of proven reserves. This project was previously stalled after the Trump administration revoked its earlier license in 2025.
Operational Conditions
Under the new General License 50A, these companies must adhere to strict U.S. oversight:
Contracts must be governed by U.S. law.
All payments to Venezuelan state entities must be made into U.S.-designated and controlled accounts.
Companies must report all transactions to the U.S. State Department and Department of Energy.
Note by Alessandro Bazzoni