The US Treasury Department has relaxed sanctions on Venezuela's energy sector. It issued two licenses allowing global oil companies like Chevron, BP, Eni, Shell, and Repsol to resume their oil and gas operations in Venezuela. These firms still hold stakes in projects and have offices there. Payments for royalties and taxes must go through the US-controlled Foreign Government Deposit Fund. Another license permits companies worldwide to negotiate new contracts with Venezuela's state-run PDVSA, but these need separate US permits. The move excludes dealings with companies from Russia, Iran, or China. This is the largest easing of sanctions since US forces removed Venezuelan President Nicolas Maduro last month. It follows recent reforms in Venezuela's oil laws, granting foreign producers more freedom to operate and export oil. US Energy Secretary Chris Wright reported oil sales from Venezuela have reached US$1 billion and forecast another US$5 billion soon. He said the US will control these sales until Venezuela forms a "representative government." Since last month, additional licenses also eased rules on oil exports, storage, and technology sales for Venezuela's oil sector. Venezuela previously seized ExxonMobil and ConocoPhillips assets in 2007. The Trump administration now hopes to attract these companies to invest again. ExxonMobil CEO Darren Woods called Venezuela "uninvestable" recently, but Wright said Exxon is in talks with Venezuela and reviewing oil data. Exxon did not comment immediately on this update.