Federal Register #2026-18572

OFAC General Licenses 50A and 51A for Venezuela Oil, Gas, and Mineral Transactions

OFAC has released General Licenses 50A and 51A under the Venezuela Sanctions Regulations, authorizing certain oil, gas, and mineral-related transactions. - Government Buyer: - Department of the Treasury, Office of Foreign Assets Control (OFAC) - OEMs and Vendors Mentioned: - BP PLC - Chevron Corporation - Eni S.p.A. - Etablissements Maurel & Prom SA - Repsol S.A. - Shell PLC - Products/Services Requested: - Authorization for oil and gas sector operations involving named international oil companies - Authorization for activities involving Venezuelan-origin minerals, including gold - Unique or Notable Requirements: - Contracts must be governed by U.S. law and resolved in U.S. courts - Payments to blocked persons must be made into specified accounts - Detailed reporting obligations for authorized transactions - Restrictions on payment terms and dealings with entities from certain countries - No unblocking of property or vessels - Licenses supersede previous versions and are available on OFAC's website

Description

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing two general licenses (GLs) issued pursuant to the Venezuela Sanctions Regulations: GLs 50A and 51A. These licenses authorize certain transactions otherwise prohibited by the Venezuela Sanctions Regulations, including those related to oil or gas sector operations and activities involving Venezuelan-origin minerals such as gold. The licenses specify conditions for contracts and payments, and require detailed reporting of transactions. These GLs were previously made available on OFAC's website and replace earlier versions of the licenses.

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