Opportunity
Federal Register #2026-09090
OFAC Issues General Licenses for Venezuela Oil and Gas Sector Transactions
Buyer
Office of Foreign Assets Control
Posted
May 07, 2026
Identifier
2026-09090
This notice from the Department of the Treasury's Office of Foreign Assets Control (OFAC) outlines the publication of four general licenses under the Venezuela Sanctions Regulations: - Government Buyer: - Department of the Treasury, Office of Foreign Assets Control (OFAC) - OEMs and Entities Mentioned: - Petroleos de Venezuela, S.A. (PdVSA) and its affiliates - BP PLC - Chevron Corporation - Eni S.p.A. - Repsol S.A. - Shell PLC - Products/Services Referenced: - Authorization for sale of U.S.-origin diluents to Venezuela - Supply of goods, technology, software, or services for oil and gas exploration and production - Negotiation of contingent contracts for new investment in Venezuela's oil and gas sector - Transactions related to oil or gas sector operations of specified entities in Venezuela - Unique/Notable Requirements: - Contracts must be governed by U.S. law and disputes resolved in the United States - Detailed reporting required on transaction parties, quantities, values, and dates - Restrictions on payment terms and prohibitions on transactions involving certain foreign countries and blocked vessels - No procurement of specific products or services is being requested; this is a regulatory notice defining permitted activities under sanctions.
Description
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing four general licenses (GLs) issued pursuant to the Venezuela Sanctions Regulations: GLs 47, 48, 49, and 50. These licenses authorize certain transactions otherwise prohibited by the Venezuela Sanctions Regulations, including the sale of U.S.-origin diluents, supply of certain items and services, negotiation of contingent contracts for investment, and transactions related to oil or gas sector operations in Venezuela. The licenses specify conditions such as contract governance under U.S. law and reporting requirements for transactions. These GLs were previously made available on OFAC's website.