Overview
- OFAC’s GL 50 authorizes operational and production activities in Venezuela only for BP, Chevron, Eni, Repsol and Shell, with taxes or royalties paid into Foreign Government Deposit Funds.
- GL 49 permits negotiation and entry into contingent investment contracts, allows due diligence and JV planning, and requires a separate specific license before any contract performance.
- GL 48 allows U.S. goods, technology, software and services for exploration, development or production, while barring new JV formation and most diluent dealings except as permitted elsewhere.
- GL 46A updates oil-trade rules by allowing certain local taxes, permits or fees to be paid directly to Venezuela, and GL 30B facilitates port and airport transactions, including with INEA, after removing a diluent export ban.
- Across the licenses, contracts must use U.S. law with U.S. dispute venues, payments typically flow through U.S.-controlled accounts, reporting is mandatory, and dealings with Russia, Iran, North Korea, Cuba and certain China-linked entities remain prohibited alongside restrictions on blocked vessels and unblocking of property, with a narrow GL 47 carveout for U.S.-origin diluents.