The Trump administration on Tuesday authorized U.S. companies to supply Venezuela with equipment, technology, and other support for oil and gas production, issuing a new general license that expands what American firms can do in the country’s energy sector.

The Treasury Department’s Office of Foreign Assets Control (OFAC) said the license allows transactions by U.S. entities to provide “goods, technology, software, or services for the exploration, development, or production of oil and gas in Venezuela.” The measure opens the door for oil-field services companies such as Halliburton and SLB to operate there under the new authorization, The Wall Street Journal said. 

While the license is focused on supply-related transactions, broader permissions are expected in the near future that would allow more American oil companies to invest and drill in Venezuela, the Journal reported. 

The authorization includes limits on certain payment terms involving the Venezuelan government and bars transactions involving entities tied to Russia, Iran, North Korea, Cuba or China, among other restrictions, the report said. 

Read more at The Wall Street Journal

Read more at OFAC