The US Department of the Treasury issued general guidelines Thursday for oil companies to operate in Venezuela.

The license, issued by the Office of Foreign Assets Control, entitled oil firms for the "lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation," of Venezuelan oil, the Treasury said.

The license also includes refining crude oil by an authorized US entity, according to the Treasury, adding that it prohibits any entity having ties with Russia, Iran, North Korea, Cuba or China.

The entities will also not be allowed to carry out any transaction that involves a "blocked vessel," the license said.

Upstream crude production inside Venezuela is not covered under the license, Bloomberg reported, citing an administration official.

The move comes after Venezuelan lawmakers approved a change of law, allowing foreign companies to operate in the country's oil sector, multiple media outlets reported.