The oil opening in numbers: regulatory framework, production, OFAC licenses
The oil opening in numbers. Regulatory framework, production, OFAC licenses, and the players positioning themselves.
Production: 1.021K bpd (OPEC data Feb 2026) · Brent: $106 due to Hormuz crisis · 7 OFAC general licenses without expiration · Revenue under custody of U.S. Treasury via trust in Qatar · Certified reserves: 303 billion barrels (world's largest) · Chevron: active presence, targeting 300K bpd · Repsol: plan to triple production · Maha Capital exercised PetroUrdaneta option using GL 52 on March 18.
Production (1.021K bpd · Oriente + Maracaibo + Apure) → Dilution (imported naphtha via GL 47) → Puerto José / La Cruz (70% capacity) → Commercialization (Trafigura, Vitol, Chevron) → Revenue (Qatar trust → U.S. Treasury → BCV/Budget)
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FURTHER READING
04GL 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.
Venezuela Upstream July 2026: LOH Regulation drops PDVSA (Gaceta 7,052), Repsol signs Horcón MoU, OFAC amends GL 46C-54A, Brent normalizes to $81
The first comprehensive Hydrocarbons Law regulation since 1943 opens upstream to privates without a mandatory joint venture; the VE Score eases from 94 to 84 on Brent's correction (May $104 → July $81), not regulatory deterioration.
Pacific Coast Energy promises to double crude output at two PDVSA blocks claimed by former partners
On July 30 the company said it was finalizing the contracts; on October 7 it confirmed it runs both blocks with full operational control. Its release mentions no OFAC license and none of the partners claiming the fields.
Dragon field: Venezuela's gas for Shell and Trinidad waits on three keys
Venezuela licensed Dragon to Shell and NGC in 2023 with a 20% royalty and a floor of 45% of gross revenue. Under OFAC's General License 50C, those payments would go to the Treasury fund whose disbursement the State Department decides, and Trinidad and Tobago admits it has no fiscal framework for imported gas. Three scenarios and their signals.
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