US allows oil service companies to keep assets in Venezuela until mid-November

The United States on Friday extended a license to allow certain transactions with Venezuela's national oil company PDVSA, allowing U.S. energy services companies to own assets, after Washington last month reimposed broad sanctions on member state OPEC.

However, companies are prohibited from drilling, extracting, processing, purchasing, transporting or shipping oil of Venezuelan origin.

The license has been extended until Nov. 15 and covers oilfield services companies Halliburton, Schlumberger, Baker Hughes and Weatherford International Plc, according to a notice posted on the US Treasury Department's website.

Last month, the Biden administration reimposed sanctions on Venezuela's oil sector after President Nicolás Maduro failed to deliver on his campaign promises. These restrictions were first imposed in 2019 when former President Donald Trump was in power.

Last month, the Treasury gave all companies doing business with Venezuela until the end of May to liquidate pending transactions, including oil purchases.

Venezuela's oil exports fell 38% in April as sanctions neared reimposition.