GL 50A
GL 50A — Oil and Gas Sector Operations
Version history
- Feb 18, 2026Efectiva el 18-feb-2026, la GL 50A reemplaza y deja sin efecto en su totalidad a la GL 50 (13-feb-2026).
Issued
Feb 18, 2026
Expiration
No expiration
Authorized entity
Operadores upstream extranjeros
Type
General
Regulation
31 CFR part 591 (VSR)
Executive orders
E.O. 14373 (9-ene-2026)
Signatory
Bradley T. Smith, Director, OFAC
Signed
Feb 18, 2026
Scope
Authorizes specific operations in the Venezuelan oil and gas sector including field development, infrastructure, transportation, and commercialization by foreign operators (Repsol, Eni, BP, Shell, Maurel & Prom).
Authorized parties
Authorized activities
- ·Desarrollo de campos upstream
- ·Operación de oleoductos y terminales
- ·Comercialización de crudo y gas
Prohibited activities
- ·Transferencias de capital nuevas sin autorización
Conditions
- ·El contrato debe regirse por la ley de EE.UU. y las disputas resolverse en EE.UU.
- ·Pagos a personas bloqueadas (salvo impuestos, permisos o tasas locales), incluidos impuestos y regalías petroleras, al Foreign Government Deposit Funds (E.O. 14373)
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, descripción con cantidades/valores/fechas, pagos al Gobierno de Venezuela).
VENE · ECONOMIST Analysis
- Fact
- GL 50A (13 de marzo de 2026) consolida la cobertura para majors europeos no-EE.UU. con presencia histórica en VE: Repsol (Cardón IV), Eni (Cardón IV, Perla), Maurel & Prom (Petroregional del Lago).
- Implication
- El gas no asociado de Cardón IV (capacidad ~1.0 bcf/d) puede activarse para exportación regional. Trinidad CNG y demanda Caribbean gain una alternativa de suministro.
- Indicator to monitor
- Activación comercial de Cardón IV. Anuncios de offtake agreements gas Eni/Repsol con compradores Caribbean.
Official license textShow
General License No. 50A — Authorizing Transactions Related to Oil or Gas Sector Operations in Venezuela of Certain Entities
(a) Except as provided in paragraph (b), all transactions prohibited by the VSR — including those involving the Government of Venezuela, PdVSA, or "PdVSA Entities" — that are related to oil or gas sector operations in Venezuela of the entities listed in the Annex (and their subsidiaries) are authorized, provided that: (1) any contract specifies U.S. law governs and dispute resolution occurs in the U.S.; and (2) any payment to a blocked person (excluding local taxes, permits, or fees) is made into the Foreign Government Deposit Funds (E.O. 14373).
Note 1. Any oil or gas taxes or royalties paid to the Government of Venezuela, PdVSA, or any PdVSA Entity must be paid into the Foreign Government Deposit Funds.
(b) This general license does not authorize: (1) non-commercially-reasonable payment terms, debt swaps, gold, or crypto/petro; (2) transactions involving Russia, Iran, North Korea, Cuba, China persons or a joint venture with such persons; (3) unblocking of VSR-blocked property; or (4) any transaction involving a blocked vessel.
(c) Reporting to Sanctions_inbox@state.gov and VZReporting@doe.gov. (d) Reports due ten days after the first transaction and every 90 days thereafter.
(e) Effective February 18, 2026, General License No. 50 (February 13, 2026) is replaced and superseded in its entirety by this General License No. 50A.
Annex — listed entities (as of February 18, 2026): BP PLC; Chevron Corporation; Eni S.p.A.; Établissements Maurel & Prom SA; Repsol S.A.; Shell PLC.
Bradley T. Smith — Director, OFAC. Dated: February 18, 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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