The United States eased sanctions on Venezuela's energy sector on Friday, issuing two general licenses that permit global energy firms to operate oil and gas projects in the OPEC member nation and allow other companies to negotiate contracts to bring in new investment.

The U.S. Treasury Department’s Office of Foreign Assets Control issued one general license authorizing Chevron, BP, Eni, Shell, and Repsol to conduct oil and gas operations in Venezuela. These companies maintain offices and hold stakes in projects in the country and are among the primary partners of Venezuela’s state-owned oil firm PDVSA.

The authorization for these oil majors requires that royalty payments and Venezuelan taxes be paid through a U.S.-controlled foreign government deposit fund.

A separate license allows companies worldwide to enter into contracts with PDVSA to make new investments in Venezuela’s oil and gas sector. Such contracts remain subject to separate approval by the Office of Foreign Assets Control.

The U.S. State Department stated in a press release that these licenses “invite U.S. and other aligned companies to play a constructive role in supporting economic recovery and responsible investment,” adding that further authorizations could be issued “as needed.”

Chevron, currently the only U.S. oil company operating in Venezuela, welcomed the new licenses, according to a company spokesperson.

Eni said it is evaluating opportunities arising from the authorization in Venezuela.