STATE OIL COMPANY · DOMINANT OPERATOR
PDVSA
Petróleos de Venezuela S.A. is the state oil company and the backbone of the country's external revenue. Its output, joint ventures and debt define any investor's exposure to the Venezuelan energy sector.
VE Pulses
40Venezuela oil exports fall 25% in October as PDVSA holds the line on price despite freight
In September traders were asking for a discount to cover freight; in October PDVSA did not grant it, and it was volume that gave way.
PDVSA gives six to seven years to the million barrels NABEP calls near-term
Until now NABEP set the timeline for the million barrels; a PDVSA vice president has just given a much longer one, and the operator’s latest figure covers a single day.
Delcy Rodríguez orders state assets valued for sale or return to their former owners
In April, a commission was tasked with classifying the state’s holdings; since Thursday, those the state deems non-essential are being valued to be offered to private buyers or returned, with no list or timetable yet.
Caracas must pay first for GE Vernova to start repairing Corpoelec's power grid
Since the September agreement, the obstacle is no longer technical: engineering is done and contractors are lined up, but the company will not carry out work without being paid first, and the government has said nothing in public about when it will pay.
Venezuela's BCV and Finance Ministry bet on two-digit inflation in 2027 with no target for the bolívar
The target requires breaking 2026's pace, and the agreement rests it on two things Caracas does not control: oil revenue, held in custody by Washington, and foreign lending.
Machado returns to Caracas with no public guarantees from the government and outside the dialogue table
Until Saturday, the opposition leader was trying to return from Panama; since Sunday she is in Caracas, with a travel ban and a disqualification that, by reported accounts, remain in force, and outside a table that put off electoral council reform.
From 132,000 to 44,000: SENIAT cuts the list of special taxpayers that withhold VAT
Those who leave the list stop withholding the tax from their suppliers and file it once a month, not every two weeks. Fiscal printers, meanwhile, stopped being mandatory on Wednesday.
What comes first for Citgo: the Third Circuit ruling or the OFAC license Amber needs?
The judges heard Venezuela, PDVSA and Gold Reserve on Wednesday without setting a date to rule, and the $5.9 billion bid remains approved in the meantime.
Rubio wants Reliance to refine more Venezuelan crude, with Maduro-era sanctions still in place
The United States already takes more than half of the crude Venezuela exports; its secretary of state visits the owner of the world's largest refining complex today to get it to process more, and concedes there are prior sanctions to work through, without saying which.
Over wages of $5 a week, PDVSA workers idle boats on Lake Maracaibo
The crews that serve PDVSA on the lake, on wages their union puts at five dollars a week, joined the retirees' protests on Monday in the basin where the company wants 400,000 barrels a day before December.
The World Bank's first loan to Venezuela since 2005 waits on the country paying its overdue debt to the IDB and CAF
Venezuela has not received a World Bank loan since 2005; the bank now has a portfolio, an amount and a first operation for water and electricity, and the next step is the country's: catching up with the other multilateral lenders.
Venezuelan crude halves its discount to Brent in two months
In July, the Venezuelan benchmark sold $16.61 below Brent; in September, $8.27. With output nearly flat, the month's gain came from price.
Washington declines to weigh in on Citgo, and Venezuela heads to the October 21 hearing without its support
Gold Reserve backed the pause only if Washington did too, and Washington abstained. The sale of Citgo's parent now hangs on the judges' ruling and on the OFAC license Amber is still waiting for.
The IMF estimates Venezuela's GDP grew 9% in 2025, six times what it calculated in April
The Fund's new series shows a deeper fall between 2018 and 2020 and a faster recovery since 2022. In the same tables, projected inflation rises and the external surplus it expected in April turns into a deficit.
The round of talks Washington announced for Wednesday the 14th puts the Supreme Court ahead of the electoral council
After two rounds in Caracas, Washington put the order of the negotiation in writing: first the 32 justices, by December; the overhaul of the electoral authority, in rounds that still have no date.
Delcy Rodríguez sets a year-end deadline for the law opening Corpoelec's power grid to private companies
The bill letting private companies into generation, transmission and distribution has been waiting for its second reading since June 2. Before the country's largest business federation, the acting president said it will pass before the year is out.
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.
A ruptured gas line leaves Cardón, PDVSA's second-largest refinery, shut with no restart date
Cardón was already running without one crude unit and its catalytic cracker, idled in September for lack of feedstock; now all its plants are in emergency shutdown. PDVSA rules out major damage and says it has inventories, but sets no date to restart.
Domestic market first, LNG later: the order of Baker Hughes' gas alliance with PDVSA
The official note on Friday the 2nd's meeting with the acting president mentioned no signing; on Monday the 5th, Baker Hughes announced a framework signed with PDVSA and two US partners. Each project will need its own definitive agreement and an OFAC authorization.
The United States took almost six of every ten barrels of oil Venezuela exported in September
Venezuela exported 9% less oil in September than in August, while trading houses pressed for bigger discounts to cover freight. Shipments fell to Europe and India and rose to the United States.
GeoPark puts 2038 on Bare and leaves the heavy spending for after 2028
The $7 billion attached to the field in the headlines adds up capital and operating spending, not just investment. What the company gave this week is the pace: the 90,000-barrel-a-day target is set for 2038, and heavier spending comes after 2028.
Venezuelan methanol enters an OFAC license when it was already almost a quarter of US imports
Metor, the Jose plant in which the state holds 37.5%, kept selling in the United States while sanctions were in force. Since Monday the license names the product and lets the state partner in, with its payment routed to the Treasury account.
Stripe backs dollar accounts for Venezuelans under a humanitarian OFAC license expiring October 23
Two apps offer users in Venezuela virtual accounts with US account numbers, backed by Bridge, Stripe's subsidiary, and by Lead Bank. UglyCash credited its return to the humanitarian channel opened after the June earthquake, and its contract limits deposits to that aid.
Corpoelec rations what it has, and Zulia waits until January 2027 for Termozulia units
The head of Corpoelec, the state power company, put the wait for a part for its plants at more than a year on Wednesday, with demand at its highest in nine years. Anyone planning 2027 in Venezuela does so with rationing inside the budget.
Who in Caracas sets the date for the elections Delcy Rodríguez promised at the UN?
The person exercising the presidency as acting head, under a precautionary order that never set how long it lasts, told the General Assembly on Wednesday there will be elections. The promise arrived the same way the office it was made from did: with no day on the calendar.
Freight from José to the Gulf went from $1.90 to $5 a barrel and it is pressing the price of Merey
Until now the argument about the Venezuelan barrel was how much gets produced and who buys it. The cost of moving it has multiplied two and a half times in nine months, and the houses that ship more than half of exports want that difference taken out of the price.
The IDB puts Venezuela's power grid in a two-year plan and the debt owed to the bank stays undated
The bank stopped approving new loans to Venezuela in May 2018. Its president described on Monday the missions preparing the document for the next two years, without saying how the overdue payments get settled or when disbursement could resume.
TotalEnergies signs with PDVSA without being one of the six companies Washington authorizes by name
The annex that names authorized operators in writing has not added a company since June. On Saturday one that is not on it signed at Miraflores, and no fields, amounts or timetable were disclosed.
Venezuelan crude reaches the United States at a record pace and Washington will not say what the Treasury holds
Last week it was 782,000 barrels a day, the largest volume of the year. What those cargoes pay is held in custody by Washington, and on Tuesday the man who holds it appeared before Congress without giving the balance.
OFAC's GL 52C lets a sanctioned official sign for PDVSA
Until last night, a sanctioned officer signing was enough to make the transaction prohibited, and the contract stalled in its last box. The same document closes the door on the Citgo structure in Delaware, by name.
Merey gained more from price in August than PDVSA gained from every extra barrel
OPEC published price and volume in the same table on Thursday, and they do not weigh the same. On the month's volume, the price rise added some eleven million dollars a day; the extra barrels added seventy-seven thousand.
The signature for PDVSA changes in the Delaware case auctioning Citgo's parent
On May 11 the court record noted the removal of three Arnold & Porter attorneys. On Tuesday a one-partner Wilmington firm appeared for Petroleos de Venezuela. The sale the judge authorized has still not closed.
Washington pays nothing for 35% of NABEP and can veto every board appointment
The first reading was that of a passive stake. The official fact sheet documents the opposite: a mandatory U.S.-citizen majority on the board. What it does not document is whether that third is shares or the right to buy them.
India and Europe absorbed in August the barrels PDVSA stopped sending to the United States
Total loadings did not move. What moved was the split: the United States came off a July record and fell, India rose by two thirds and Europe nearly tripled.
Eni replaces PDVSA at Junín-5: the field produces 5% of what was promised for 2018
Since 2010 the field was run by a joint venture with PDVSA holding 60% and the spending shared. The contract Eni signed on Wednesday takes it out of the operation and, on the terms January's law set, leaves the state carrying no debt: the operator is paid a percentage of metered barrels.
The law governing a contract with PDVSA stops being decided in Washington
Since January the U.S. permit required that contract to be drafted under the law of a U.S. state. Eight licenses rewritten yesterday strike the requirement and leave standing only the seat where a dispute is fought: the United States, the United Kingdom, France or Singapore.
The detour on flights to Caracas ends on September 1, sixty-nine days on
What opens is not the damaged terminal but two modular halls with seven boarding gates between them. The main building, hit along with one of the runways, is being rebuilt separately and on another calendar.
Washington clears the rebuilding of Venezuela's network and leaves the capital waiting on another license
Through Thursday the telecommunications license covered carrying traffic; since Friday it covers installing, repairing and operating the plant itself. Putting capital into it still needs a permit that does not exist yet.
The United States supplies the naphtha Venezuela uses to thin the crude it then sells back
The US under secretary of energy put a number on both directions of the flow: more than 500,000 barrels a day of crude leave for that country's refineries, and more than 100,000 of naphtha come in so the crude can move at all.
The license it was missing: Washington clears India's state company ONGC to operate in Venezuela
ONGC now holds the permit it was missing to operate in Venezuela; what it still lacks is the assigned field, and that is not signed in Washington.
Analysis
16Gas in Venezuela: the country flares more than twice what Perla delivers
Perla, the Eni and Repsol field, covers a third of the domestic market with the country's most expensive gas and is paid by PDVSA in crude. PDVSA Gas says supply is guaranteed; Repsol says the country should not depend on Cardón IV. Meanwhile, the World Bank estimates Venezuela flared 13.5 billion cubic meters in 2025.
Venezuela sanctions: OFAC authorized the foreclosure, the resale cost 112 months
The former chief executive of Puerto Rican bank Nodus was sentenced on Monday in Florida. The sanctions office had authorized him to foreclose on the house of a person sanctioned for material support to PDVSA; selling that same house back for four million dollars through a front company was not authorized. The 21 general licenses in force over Venezuela declare 72 exclusions.
Primavera Infinita signed with PDVSA the contract Continental still lacks
OFAC’s license requires having existed in the United States before January 29, 2025 to perform with the state company. The entity that signed the Budare-Elotes block appears registered in Delaware thirteen months later.
Venezuela sanctions: OFAC’s GL 52C lets sanctioned PDVSA officials sign the contract
Today’s amendment authorizes the act of signing, not the relationship with the person signing. In the same document the agency places the governance of PDV Holding, CITGO Holding and CITGO Petroleum out of reach, by name.
PDVSA 2020 bond: the Citgo collateral is valid and still cannot be enforced
In September 2025 a New York court ended six years of litigation and held the notes backing 50.1% of CITGO Holding validly issued. What keeps the collateral frozen is a Treasury license that has been deferring its own entry into force since October 2019 and is now on the letter Y.
PDVSA hands operations to Eni and GeoPark: who funds capital in the Orinoco Belt
The explanatory memorandum of January's reformed law defines the structure in two lines: the operator assumes integral management at its own cost and risk, the state incurs no debt and compensation is a percentage of metered volumes. On September 2 that structure moved from mid-sized operators to a European supermajor.
OFAC licenses in Venezuela: contracts with PDVSA no longer need U.S. governing law
The requirement arrived in January, loosened in June and vanishes today from eight licenses at once. What did not move in those seven months: the seat of disputes, the routing of payments through the Treasury, and the same six oil companies cleared to operate.
OFAC eligibility in Venezuela: who lends the permit to sign with PDVSA
A Canadian oil company set out on August 24 the six steps it took to enter Venezuelan crude: a U.S. subsidiary, registration with the investment agency, exclusivities, data packages and a field visit. Five it took alone. For the sixth it states that it partners "with entities benefiting from the updated U.S. sanctions regime."
Venezuela produces 1.23 million barrels and refines 350,000: what closing the gap would cost
PDVSA's president put a company figure on the refining system's real capacity for the first time this year, and it equals 27% of what those plants were built to process. Restoring the whole system is estimated at some US$20 billion. The three possible paths, with the signal that shows which one is winning.
The doctrine that made PDVSA attachable won in court and stalled at the Treasury
A 1983 Supreme Court test allowed the oil company to be treated as the Republic itself: the creditor need only prove control, not fraud. On that basis the PDV Holding shares were auctioned and a US$5.892 billion bid approved. The order was entered on November 29; closing still awaits a license that has not been issued and two unresolved appeals.
Venezuelan crude: refiners buy direct from PDVSA and the arbitrage closes
Vitol and Trafigura moved more than 100 million barrels in six months because they held the licence no one else had. That privilege is already thinning.
Venezuela's restructuring opens with advisory, not with the exchange
The 13 May announcement and General License 58 open price formation for sovereign and PDVSA bonds, but they only authorize advisory work. Recovery value will be set by the macroeconomic framework and the debt sustainability analysis expected in June, not by the announcement.
Repsol Returns to Venezuela: The Investment-Against-Debt Model and What It Means for ConocoPhillips' $12B
Repsol regains operational control of Petroquiriquire (40/60 with PDVSA), plans to increase output 50% in 12 months and triple it in three years despite $4.55B in outstanding debt. The deal includes new payment guarantees via crude exports.
The most counterintuitive trade of 2026: defaulted PDVSA bonds as a bet on diplomatic normalization
PDVSA 2020 bonds trade at 12-15 cents on the dollar. License 5V expires May 5. If restructuring happens, upside is 3-5x.
Three Scenarios for Venezuela H2 2026: What Happens if Reforms Accelerate, Stall, or Collapse
Three months after Maduro's capture, Venezuela has produced more legal reforms than in the past decade. But oil majors call them inadequate, productivity is the hemisphere's lowest, and PDVSA's debt has no restructuring plan. This analysis evaluates three possible paths for the second half — and what each means for investors.
General License 52: OFAC Unlocks PDVSA for U.S. Companies and Rewrites the Rules of Venezuelan Oil
GL 52 is the broadest authorization Washington has issued on Venezuela since sanctions were imposed. It allows established U.S. companies to operate directly with PDVSA without a specific license. Contracts under U.S. law, payments to Treasury, and exclusion of Russia, Iran, China, and Cuba. Venezuelan oil wasn't set free — it changed wardens.
Sector Briefs
11Venezuela country risk November 2026: the investor’s license is Washington’s lever
Marco Rubio said on October 26 that general licenses are the incentive keeping the process moving and that there are no irreversible concessions: the same authorization that underpins a contract is the lever on the calendar. November tests it with the court’s scoring scale on the 5th and 6th, the close of nominations on the 11th and the fourth round from the 11th to the 15th. The election still has no day, and the VE-RISK of 47 measures none of this.
Venezuela upstream October 2026: Merey made the quarter that production did not
Venezuela reported 1,206,000 barrels a day to OPEC for September, 5,000 more than in August, while Merey rose $16.93 to $93.75. PDVSA counts 61 signed agreements, and the first start-up declared to a regulator points to the end of 2026.
Venezuela refining August 2026: the country produces as in 2019 and converts at a quarter of capacity
The country produces crude at seven-year highs and refines at a quarter of installed capacity. Art. 43 of the Regulation grants up to −5 points of the rate to projects with integrated upgrading or refining: the only incentive aimed at that gap.
Venezuela banking and bonds August 2026: banks grow 26% without lending and the collateral stays frozen
The short, successive extensions of the collateral signal a live negotiation whose calendar governs the contractual maturity. Financial activity grew 26.26% in the second quarter with private credit blocked by a 73% reserve requirement.
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.
Chevron Q1 revela 1–2% del CFO (cash flow operativo) en Venezuela; producción cruza 1.23M bpd y GL 5W señala coordinación con Citgo
Brief VE-ENERGY-UPSTREAM mayo 2026. El upstream entra en fase de ejecución contractual: exportaciones cruzan 1.23M bpd en abril (máximo en 7 años, +14% intermensual), Chevron en su call Q1 (1 may) confirma Venezuela = 1–2% del CFO (cash flow operativo) con cuenta por cobrar de $1.5B en amortización a 2027 y sin compromiso de capex incremental antes de clarificación fiscal. GL 5W (4 may) extiende protección bono PDVSA 2020 hasta 19 jun — extensión más corta en dos años, señal de coordinación Treasury con proceso judicial Citgo en Delaware. Repsol Petroquiriquire, Eni Junín-5 y Maurel & Prom operativos bajo GL 50A.
Production crosses 1 million bpd and majors sign: upstream closes Q1 with complete framework and binding power ceiling
VE-ENERGY-UPSTREAM April 2026 brief. Hydrocarbons reform passed (Jan 29), OFAC GL 52 (Mar 18), formal returns from Eni, Repsol and Chevron in April. Production 1.095M bpd, exports >1M for the first time in 6 months. India overtakes China as top buyer at 343K bpd. Revenues channeled to U.S. Treasury custody via EO 14373. The binding ceiling remains electrical (covered in VE-ENERGY-DOMESTICO).
Venezuelan power sector: $15–40B to light up a country Siemens and GE already inspected
VE-ENERGY April brief. GL 48A active, Wright in February, Siemens/GE inspections in March, Delcy announcement in April. The legal-enablement layer is closed; payment mechanism and power reform are not. The power constraint ceilings oil production at 1.2M bpd.
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.
The bi-monetary economy grows double digits while the bolivar loses a quarter of its value
The macroeconomic outlook evaluated for the investor. GDP, inflation, exchange rate, budget and monetary policy.
Multidimensional assessment: political, regulatory, operational, fiscal, sanctions, legal, social and exchange rate
Multidimensional assessment: political, regulatory, operational, fiscal, sanctions, legal, social and FX.
OFAC Licenses
25GL 46E — Trade in Venezuelan-Origin Oil and Petrochemical Products
Authorizes an established U.S. entity to lift, export, sell, store, transport and refine Venezuelan-origin oil —and to import Venezuelan-origin petrochemical products into the U.S.— in transactions involving the Government of Venezuela and PdVSA. As of September 28, 2026, the petrochemical annex lists methanol; until then it listed only fertilizers and their inputs. Contracts must route disputes to the U.S., U.K., France, or Singapore, and payments to blocked persons go to the Treasury account. Supersedes GL 46D.
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.
GL 49B — Contingent Contracts for New Energy Investment
Authorizes negotiating and entering into contingent contracts for new investment in oil, gas, petrochemical products or electricity in Venezuela —new exploration or production, expansion of existing operations and formation of new joint ventures—, including prior due diligence, provided that performance is made contingent on separate OFAC authorization. As of September 28, 2026, the petrochemical annex lists methanol. Supersedes GL 49A.
GL 5Z — PdVSA 2020 8.5% Bond (on or after November 5, 2026)
Authorizes, on or after November 5, 2026, transactions related to, the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 percent bond that would otherwise be prohibited by subsection 1(a)(iii) of E.O. 13835. Replaces and supersedes GL 5Y in its entirety effective September 16, 2026, moving the effective date from September 17 to November 5, 2026. Until then no authorization is in effect: the sale or transfer of the CITGO Holding shares pledged against the bond remains prohibited absent a specific OFAC license.
GL 52C — Transactions Involving Petróleos de Venezuela, S.A.
Authorizes an established U.S. entity to engage with PdVSA and its entities in transactions otherwise prohibited by E.O. 13884 and 13850. As of September 14, 2026, it allows PdVSA officials on the SDN List to execute and sign those contracts in their official capacity, and expressly excludes any transaction altering the governance of PDV Holding, CITGO Holding, or CITGO Petroleum. The forum requirement (U.S., U.K., France, or Singapore) and Treasury payment routing remain. Supersedes GL 52B.
GL 47B — Sale of U.S.-Origin Diluents to Venezuela
Authorizes the export, sale, supply and transport of U.S.-origin diluents to Venezuela in transactions involving the Government of Venezuela and PdVSA. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore; it no longer needs to be governed by U.S. law. Supersedes GL 47A.
GL 48C — 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, and for electricity generation, transmission, storage and distribution in Venezuela. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore. Supersedes GL 48B.
GL 52B — Transactions Involving Petróleos de Venezuela, S.A.
Authorizes an established U.S. entity to engage with PdVSA and its entities in transactions otherwise prohibited by E.O. 13884 and 13850. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore; Treasury payment routing remains. Preserves the E.O. 13808 prohibitions on bonds and debt. Supersedes GL 52A.
GL 46D — Trade in Venezuelan-Origin Oil and Petrochemical Products
Authorizes an established U.S. entity to lift, export, sell, store, transport and refine Venezuelan-origin oil —and to import Venezuelan-origin petrochemical products into the U.S.— in transactions involving the Government of Venezuela and PdVSA. The contract no longer needs to be governed by U.S. law: it must only route disputes to the U.S., U.K., France, or Singapore. Treasury payment routing remains. Supersedes GL 46C.
GL 5Y — PdVSA 2020 8.5% Bond (on or after September 17, 2026)
Authorizes, on or after September 17, 2026, transactions related to, the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 percent bond that would otherwise be prohibited by subsection 1(a)(iii) of E.O. 13835. Replaces and supersedes GL 5X in its entirety effective August 3, 2026, moving the effective date from August 4 to September 17, 2026. Until then no authorization is in effect: the sale or transfer of the CITGO Holding shares pledged against the bond remains prohibited absent a specific OFAC license.
GL 5X — PdVSA 2020 8.5% Bond (on or after August 4, 2026)
Authorizes, on or after August 4, 2026, transactions related to, the provision of financing for, and other dealings in the PdVSA 2020 8.5% Bond that would otherwise be prohibited by section 1(a)(iii) of E.O. 13835. Supersedes GL 5W, moving the effective date from June 19 to August 4, 2026; until then, execution against the CITGO Holding share collateral remains prohibited absent a specific license. OFAC reiterates a favorable licensing policy toward a bond restructuring agreement.
GL 48B — 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, and for electricity generation, transmission, storage and distribution in Venezuela. Supersedes GL 48A.
GL 47A — Sale of U.S.-Origin Diluents to Venezuela
Authorizes the export, sale, supply and transport of U.S.-origin diluents to Venezuela in transactions involving the Government of Venezuela and PdVSA, subject to U.S./allied law and forum. Supersedes GL 47.
GL 52A — Transactions Involving Petróleos de Venezuela, S.A.
Authorizes an established U.S. entity to engage with PdVSA and its entities in transactions otherwise prohibited by E.O. 13884 and 13850, subject to U.S./allied law and forum and Treasury payment routing. Preserves the E.O. 13808 prohibitions on bonds and debt. Supersedes GL 52.
GL 46C — Trade in Venezuelan-Origin Oil and Petrochemical Products
Authorizes an established U.S. entity to lift, export, sell, store, transport and refine Venezuelan-origin oil —and to import Venezuelan-origin petrochemical products into the U.S.— in transactions involving the Government of Venezuela and PdVSA, subject to U.S./allied law and forum and Treasury payment routing. Supersedes GL 46B.
GL 58 — Services to the Government of Venezuela for Potential Debt Restructuring
Authorizes provision of legal, financial advisory, and consulting services to the Government of Venezuela, including PDVSA, in connection with potential debt restructuring. Does not authorize the restructuring itself, transfer, settlement, or direct negotiations between the Government of Venezuela and its creditors.
GL 5W — PDVSA 2020 8.5% Bond
Authorizes certain transactions related to the PDVSA 2020 8.5% bond on or after June 19, 2026. Supersedes GL 5V and extends the regime initiated with GL 5 (2019) protecting CITGO Holding from bondholder execution on collateral. The shortest extension in the series (45 days) signals Treasury coordination with the CITGO sale process in the Delaware court.
GL 5V — PdVSA 2020 8.5% Bond (on or after May 5, 2026)
Authorized, on or after May 5, 2026, transactions related to the PdVSA 2020 8.5 percent bond otherwise prohibited by subsection 1(a)(iii) of E.O. 13835. Superseded GL 5U (February 2, 2026) effective March 19, 2026, moving the effective date from March 20 to May 5, 2026. Superseded by GL 5W on May 4, 2026.
GL 52 — Specific Transactions Involving PDVSA
Authorizes specific transactions with PDVSA and its majority-owned subsidiaries necessary for the execution of the GL 46B/50A regime: settlement of legacy accounts receivable, pre-2019 contract settlement, transfers between authorized accounts.
GL 49A — Negotiation of Contingent Investment Contracts
Authorizes negotiating and entering into contingent contracts for new investment in oil, gas, petrochemical products or electricity in Venezuela —new exploration or production, expansion of existing operations and formation of new joint ventures—, including prior due diligence, provided that performance is made contingent on separate OFAC authorization. Supersedes GL 49.
GL 47 — Sale of U.S.-Origin Diluents to Venezuela
Authorizes transactions prohibited by the VSR — including those involving the Government of Venezuela, PdVSA, and any entity in which PdVSA owns a 50 percent or greater interest — 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. Any such contract must specify that U.S. law governs and that dispute resolution occurs in the United States. The authorization reaches payment processing, vessel chartering, marine and P&I insurance, and port and terminal services, including with port authorities that are part of the Government of Venezuela.
GL 5U — PdVSA 2020 8.5% Bond (on or after March 20, 2026)
Authorized, on or after March 20, 2026, transactions related to the PdVSA 2020 8.5 percent bond otherwise prohibited by subsection 1(a)(iii) of E.O. 13835. Superseded GL 5T (December 19, 2025) effective February 2, 2026, moving the effective date from February 3 to March 20, 2026. Superseded by GL 5V on March 19, 2026.
GL 5T — PdVSA 2020 8.5% Bond (on or after February 3, 2026)
Authorizes specific transactions involving the PDVSA 2020 bonds (collateralized by Citgo Holding shares) that would otherwise be prohibited by Section 1(a)(iii) of Executive Order 13835.
GL 8N — Servicing Authorizations for Designated Entities
Authorizes certain activities necessary for the safe and orderly maintenance of operations (safety, environmental, local payroll) in PDVSA and designated subsidiaries, without permitting new investment or operational expansion.
GL 41 — Authorizing Certain Transactions for Chevron in Venezuela
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.
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