US revokes oil, gas company licenses in Venezuela

CARACAS

Venezuela has announced that the United States had revoked several transnational oil and gas companies' licenses to operate in the country, which had been granted despite Washington's sanctions against the South American nation.

While Venezuela did not specify which company licenses were revoked.

French oil firm Maurel & Prom on Monday said that the U.S. has revoked its licence to operate in Venezuela,

"I want to inform you that we have maintained fluid communication with the transnational oil and gas companies operating in the country, and that they have been notified in recent hours by the US government about the revocation of their licenses," Venezuelan Vice President Delcy Rodriguez said in a statement on Telegram.

"We were prepared for this situation and we are ready to continue honoring contracts with these companies," Rodriguez said.

However, companies that violate the U.S. oil embargo and other directives could be sanctioned by the United States.

U.S. President Donald Trump revoked Chevron's license at the end of February, which had allowed the company to operate despite sanctions. Other companies had received similar licenses.

Trump is seeking to strangle Venezuela economically in order to cripple its president, Nicolas Maduro, and last week announced steep 25 percent tariffs on imports from countries buying Venezuelan oil and gas.

The United States and many other countries do not recognize last year's victory claim by Maduro in elections he is accused of having stolen.

Venezuela's oil production, which exceeded three million barrels per day (bpd) 25 years ago, is about one million bpd today, having fallen to less than 300,000 at its worst.