GL 47
GL 47 — Sale of U.S.-Origin Diluents to Venezuela
Issued
Feb 13, 2026
Expiration
No expiration
Authorized entity
Proveedores de servicios al sector energético VE
Type
General
Regulation
31 CFR part 591 (VSR)
Executive orders
—
Signatory
Bradley T. Smith, Director, OFAC
Signed
Feb 03, 2026
Scope
Authorizes provision of technical services, engineering, and supply of ancillary goods necessary for operations authorized under GL 46/46B.
Authorized parties
Authorized activities
- ·Servicios de ingeniería de yacimientos
- ·Suministro de equipos y químicos
- ·Mantenimiento técnico no-críticos
Prohibited activities
- ·Transferencia tecnológica dual-use sin licencia BIS
Conditions
- ·El contrato debe regirse por la ley de EE.UU. y las disputas resolverse en EE.UU.
Excluded jurisdictions
Reporting obligation
Reporte detallado a Sanctions_inbox@state.gov y VZReporting@doe.gov: dentro de 10 días tras la primera transacción y cada 90 días mientras continúen (partes, cantidades y valores, fechas).
VENE · ECONOMIST Analysis
- Fact
- GL 47 (febrero de 2026) cierra el círculo de servicers (Halliburton, SLB, Baker Hughes, Weatherford) que en 2019-2025 operaban bajo extensiones humanitarias.
- Implication
- Habilita una recuperación de capex en campos legacy (Boscán, Petropiar) que llevaban 7 años con mantenimiento mínimo. Productividad por pozo se recupera 6-12 meses.
- Indicator to monitor
- Anuncios de contratos servicers en VE (Q2-Q3 2026). Métricas de producción por bloque BCV.
Official license textShow
General License No. 47 — Authorizing the Sale of U.S.-Origin Diluents to Venezuela
(a) Except as provided in paragraph (b), all transactions prohibited by the VSR — including those involving the Government of Venezuela, PdVSA, or any entity in which PdVSA owns a 50 percent or greater interest ("PdVSA Entities") — that are ordinarily incident and necessary to the exportation, reexportation, sale, resale, supply, storage, marketing, delivery, or transportation of U.S.-origin diluents to Venezuela are authorized, provided that any contract specifies that U.S. law governs and that dispute resolution occurs in the United States.
Note 1. Authorized transactions include processing of payments and arranging shipping and logistics (chartering vessels, marine insurance and P&I coverage, port and terminal services, including with Government of Venezuela port authorities).
(b) This general license does not authorize: (1) payment terms that are not commercially reasonable, involve debt swaps or payments in gold, or are denominated in digital currency/tokens including the petro; (2) any transaction involving Iran, North Korea, or Cuba persons or a joint venture with such persons; (3) the unblocking of property blocked pursuant to the VSR, except as provided in paragraph (a); or (4) any transaction involving a blocked vessel.
(c) Reporting to Sanctions_inbox@state.gov and VZReporting@doe.gov identifying parties; quantities and values; and dates. (d) Reports are due ten days after the first transaction and every 90 days thereafter.
Bradley T. Smith — Director, OFAC. Dated: February 3, 2026.
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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