On Tuesday, the Trump administration authorized U.S. businesses to provide equipment and technology aimed at boosting oil production in Venezuela. According to the U.S. Treasury Department’s Office of Foreign Assets Control, a new general license has been issued allowing U.S. entities to supply goods, technology, software, or services to support oil and gas exploration, development, and production activities in Venezuela. This license enables U.S. oilfield service companies such as Halliburton and SLB to operate in the country. Although the current license covers certain supply-related transactions, the U.S. is expected to issue a broader license soon, allowing more American oil companies to invest and conduct drilling operations in the Latin American nation. President Trump has urged U.S. oil firms to invest $100 billion to modernize Venezuela’s dilapidated oil industry. So far, U.S. oil companies have expressed optimism about opportunities in Venezuela but are awaiting comprehensive legal reforms and improved security conditions before making major commitments.