OFAC Clarifies Operating Conditions for Venezuela Energy Sector
The FAQs published on April 1 strip out the ambiguity over payments and geopolitical carve-outs under GL 46B, 51A and 52.
Treasury's new FAQ framework establishes clearer pathways for energy investments while maintaining strict payment channeling requirements and geopolitical exclusions.
OFAC's April 1 FAQ publication is not routine regulatory housekeeping. The Treasury's clarification on payment channeling through Foreign Government Deposit Funds creates a defined compliance pathway that was previously ambiguous. This mechanism allows transactions with blocked entities while maintaining Treasury oversight — a critical distinction for institutional investors evaluating Venezuelan energy exposure. The simultaneous removal of Delcy Rodriguez from the SDN List underscores a calculated signaling approach by the Biden administration.
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FURTHER READING
04Stripe backs dollar accounts for Venezuelans under a humanitarian OFAC license expiring October 23
Two apps offer users in Venezuela virtual accounts with US account numbers, backed by Bridge, Stripe's subsidiary, and by Lead Bank. UglyCash credited its return to the humanitarian channel opened after the June earthquake, and its contract limits deposits to that aid.
Chevron Q1 revela 1–2% del CFO (cash flow operativo) en Venezuela; producción cruza 1.23M bpd y GL 5W señala coordinación con Citgo
Brief VE-ENERGY-UPSTREAM mayo 2026. El upstream entra en fase de ejecución contractual: exportaciones cruzan 1.23M bpd en abril (máximo en 7 años, +14% intermensual), Chevron en su call Q1 (1 may) confirma Venezuela = 1–2% del CFO (cash flow operativo) con cuenta por cobrar de $1.5B en amortización a 2027 y sin compromiso de capex incremental antes de clarificación fiscal. GL 5W (4 may) extiende protección bono PDVSA 2020 hasta 19 jun — extensión más corta en dos años, señal de coordinación Treasury con proceso judicial Citgo en Delaware. Repsol Petroquiriquire, Eni Junín-5 y Maurel & Prom operativos bajo GL 50A.
Dragon field: Venezuela's gas for Shell and Trinidad waits on three keys
Venezuela licensed Dragon to Shell and NGC in 2023 with a 20% royalty and a floor of 45% of gross revenue. Under OFAC's General License 50C, those payments would go to the Treasury fund whose disbursement the State Department decides, and Trinidad and Tobago admits it has no fiscal framework for imported gas. Three scenarios and their signals.
GL 48D — Supply of Goods and Services to Venezuela
Authorizes the supply from the U.S. or by a U.S. person of goods, technology, software or services for oil, gas and petrochemical exploration, development and production —including maintenance and repair of equipment—, and for electricity generation, transmission, storage and distribution in Venezuela. As of September 28, 2026, the petrochemical annex lists methanol. The formation of new joint ventures remains outside the license. Supersedes GL 48C.