GL 41
GL 41 — Authorizing Certain Transactions for Chevron in Venezuela
Issued
Nov 26, 2022
Expiration
No expiration
Authorized entity
Chevron Corporation y subsidiarias
Type
General
Scope
Original November 2022 license that allowed Chevron to resume operations in joint ventures with PDVSA (Petroboscán, Petropiar, Petroindependencia, Petroindependiente) and export the resulting crude to the U.S. Under the 2026 regime it has been superseded by GL 46/49/50 with broader scope covering multiple majors.
Authorized activities
- ·Operación de empresas mixtas Chevron-PDVSA (legacy)
- ·Exportación de crudo Chevron a EE.UU.
Prohibited activities
- ·Pagos directos al gobierno venezolano
- ·Inversión en nuevos proyectos sin autorización adicional
VENE · ECONOMIST Analysis
- Fact
- GL 41 se convirtió en la licencia ancla del retorno corporativo estadounidense al upstream venezolano entre 2022-2025. Tras la cancelación parcial de marzo 2025 y la restauración de junio 2025, fue absorbida por el régimen GL 46/46B en enero-marzo 2026.
- Implication
- Chevron pasó de licencia exclusiva a competir con BP, Shell, Eni, Repsol y Reliance dentro del marco GL 46. Esto reduce su prima de exclusividad pero amplía la base de operadores con quienes negociar lifting agreements.
- Indicator to monitor
- Acuerdos comerciales firmados bajo GL 46/49 con majors europeos. Volumen de exportación Chevron VE→Gulf Coast vs. otros operadores.
Official source
This summary does not constitute legal advice. The final determination of scope and applicability of any OFAC license requires consultation with qualified legal counsel and review of the official text published by the Office of Foreign Assets Control. VENE · ECONOMIST maintains this page as editorial reference for institutional investors.
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