Venezuela Says Sanctions Relief Is ‘Not Enough’ and Demands Full End to Measures

Venezuela’s government says limited sanctions relief from the United States is not enough. Hydrocarbons Minister Paula Henao called for a complete end to the measures as Caracas and Washington move toward closer energy ties.

“We have been in a stage of opening up investment, some measures have been eased but it is not enough,” Henao said in an interview with state broadcaster Venezolana de Televisión. She said the government of acting President Delcy Rodríguez would continue seeking the full removal of sanctions so Venezuela can become an “energy power.”

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We have been in a stage of opening up investment, some measures have been eased but it is not enough.

Washington has eased restrictions on Venezuela’s oil and mining sectors and its public financial system. Henao said Venezuela plays a fundamental role in global energy balance and argued that it cannot be excluded from that equation. “We are precisely a guarantee of that energy balance and a supplier that is there, readily available, is a reliable supplier and, definitively, makes those resources available to the world to be able to (...) meet all demand,” she said.

Her comments came days after Caracas and Washington announced a major bilateral oil agreement, and after agreements were signed in Caracas with companies including Chevron. The deals will bring the Carabobo 1 and Carabobo 2 blocks into Petroindependencia, a venture formed by state oil company PDVSA and Chevron to expand operations.

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energy power

Henao said the first drilling equipment had already begun moving to the areas targeted for development. She projected that production from companies involving Chevron could increase from roughly 270,000 barrels per day to more than 300,000 barrels per day this year, and later reach above 700,000 barrels per day.

The agreements were signed alongside U.S. Energy Secretary Chris Wright. The broader deal covers development of 17 fields containing 65 billion barrels, according to the report, equivalent to about one-fifth of Venezuela’s more than 303 billion barrels in reserves, the world’s largest reserve base.

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We are precisely a guarantee of that energy balance and a supplier that is there, readily available, is a reliable supplier and, definitively, makes those resources available to the world to be able to (...) meet all demand.