GL 50A: The named license — 6 majors authorized for unrestricted operations in Venezuela's oil sector
OFAC named six companies in an annex: Chevron, BP, Eni, Repsol, Shell, and Maurel & Prom. For these companies and their subsidiaries, GL 50A authorizes all transactions related to oil and gas operations in Venezuela.
OFAC named six companies in an annex: Chevron, BP, Eni, Repsol, Shell, and Maurel & Prom. For these companies and their subsidiaries, GL 50A authorizes all transactions related to oil and gas operations in Venezuela. It is not a generic license — it is a named passport.
GL 50A is not just another license. It is a named license. OFAC identified six specific companies in an annex and granted them authorization to conduct "all transactions prohibited by the Venezuela Sanctions Regulations" related to oil and gas operations. For these six companies, the sanctions regime on Venezuela effectively does not exist in oil matters. It is broader than GL 46B (which only covers trading), broader than GL 48A (which covers goods and services but prohibits JVs), and broader than GL 49A (which only covers negotiation).
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