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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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.