The US has eased seven licenses for Venezuela oil and gas, and services giant SLB has signed a technology deal, a new phase in the sector reopening.

The U.S. Treasury Department made revisions to seven key licenses that govern oil, natural gas, petrochemical and mining operations in Venezuela.

Western energy majors are returning to Venezuela after the US issued its broadest sanctions relief yet, with Shell and others signing oil and gas deals.

Venezuela has granted Shell a licence to explore and export gas from the long-idle Loran field, a concrete step in its US-backed energy reopening.

The US has eased seven licenses for Venezuela oil and gas, and services giant SLB has signed a technology deal, a new phase in the sector reopening.