"Treasury today: issued a six month general license temporarily authorizing transactions involving the oil and gas sector in Venezuela," the release said on Wednesday.
"The license will be renewed only if Venezuela meets its commitments under the electoral roadmap as well as other commitments with respect to those who are wrongfully detained."
Moreover, the US Treasury issued a license authorizing dealings with Venezuelan state-owned gold mining company Minerven and removed secondary trading ban on certain Venezuelan sovereign bonds, PDVSA debt and equity, the release added.
The United States is providing partial sanctions relief in response to the agreement reached between the Venezuelan government and opposition on the holding of the presidential election in 2024.
A senior US administration official remarked during a conference call that the Biden White House has been "clear that other sanctions and restrictions imposed by the United States on Venezuela remain in place."
"The United States government retains the authority to abandon oil authorizations should Maduro and his representatives fail to follow through on their commitments," the official added, noting that Venezuela must make progress on its commitments before the end of the November before the US begins reconsidering reinstating sanctions.
It was further noted that Qatar partnered with the United States to encourage a deal with Venezuela as part of a larger effort to bolster election integrity in exchange for limited sanctions relief.
“The United States with the assistance of Qatar has worked to support and encourage this process as well, and make sure that an incentive structure to make real changes exists,” the official said on Wednesday.
Additionally, it has been detailed that the partial lifting of sanctions does not impact Venezuela's frozen assets in the US, or the judicial process related to the CITGO bankruptcy case. It will also not apply to new investments or services from entities owned or controlled by Russia.
Venezuelan President Nicolas Maduro has stated that the agreement will pave the way for the nation to enter the oil and gas market with strength and a progressive approach.