SECTOR · ENERGY
Energy Sector
The energy sector is the heart of Venezuela's economy: crude and gas production, refining, joint ventures and the power system that sustains the country's operations.
VE Pulses
40PDVSA 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.
Venezuela's election clock starts with a vacancy Washington places after a new TSJ and a new CNE
The State Department published on Monday the order it expects: the Supreme Court first, then an electoral council with no power to bar candidates and, last, the vacancy that opens the election. Caracas has not confirmed it.
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.
Calixto Ortega takes the IMF a plan for the bolívar to cover every domestic transaction in Venezuela
Before the Fund, the vice president for the economy ruled out dollarization. The plan published by the central bank leaves the dollar to foreign trade and sets two-digit inflation as the condition, with no date to reach it.
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 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.
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.
One Planta Centro unit in Carabobo carries almost half of Corpoelec's 1,300-megawatt plan
The state power company's plan adds 1,300 megawatts through December from existing units returning to service. It does not say how many of the 4,800 thermal megawatts the acting president set in August for year-end are already online.
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.
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.
Heeney Capital takes El Callao's gold in Guayana with a concession
In May, the same parties signed a memorandum of understanding over that district; on Wednesday, in Houston, they signed the concession. Between one instrument and the other lies a difference of legal category, and it decides whether a right can be enforced.
BCV scraps the commercial credit ceiling and makes 16% the floor for bolivar loans
The repealed resolution set a band: no more than 16% a year, no less than 13%. The one in force since Tuesday deletes the ceiling and leaves that same 16% as the minimum. The bank's press note announced what it will pay on deposits; what borrowing will cost sits in the official gazette.
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.
Chevron will pay for Carabobo out of its joint ventures' cash, declaring a total cost under $20 a barrel
The September 2 release said how much it would invest and over what period. What Mike Wirth added on Friday says where the money comes from — whatever cash the three operating joint ventures generate, with none brought in from outside.
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.
Nabors dates its Venezuela return for 2027; NABEP, Washington's operator, counted six rigs this year
The deal's operator placed six rigs drilling before December. The two suppliers that filed on Tuesday with the securities regulator date something else: one rig starting in 2027 and components for ten more only now leaving the United States.
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.
Washington reserves first call on every barrel from the seventeen fields
Until Friday the deal was a post on a social network. The document the White House published sets a veto over every board appointment, a fifth of output at production cost, and the right to buy the rest before anyone else.
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.
Money paid up front for a Venezuelan home stops passing through the builder's hands
Until now the developer took the buyer's down payment and put it to work. The text passed on Friday routes it into a trust that releases funds only against construction progress certified by an independent engineer.
Anyone signing a contract in Venezuela does not yet know which Supreme Tribunal will hear it
Three months of nominations are void and the committee that filters the candidates moves to 23 seats, 12 of them for civil society. Not one member has been named, and the declared target is still to replace the 32 justices before January.
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.
Venezuela's exchange no longer values companies: it lends to them, and that is 96.5% of its volume
The country has a capital market that works, though not to value companies: it works to fund them short-term, the one thing banks cannot do today.
The IMF's first visit to Caracas in twenty years starts with the books, not with credit
A country whose books no one has reviewed since 2004 cannot receive structured funding; that the Fund starts with method and statistics says what is missing before any program exists.
The ruling party goes from saying it had no time for the CNE to negotiating it in 72 hours
This week, whoever decides Venezuela's electoral referee, finances its reconstruction, and audits the spending and the political prisoners is never the Venezuelan state acting alone.
Analysis
11PDVSA 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.
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.
Chevron at 49%: the volume play reshaping the Orinoco Belt
Chevron raised its stake in Petroindependencia to the legal ceiling of 49% and secured Block Ayacucho 8 rights in exchange for surrendering all offshore gas assets and its Maracaibo position. First binding expansion by a major under the Rodríguez administration.
OFAC Clarifies Operating Conditions for Venezuela Energy Sector
The FAQs published on April 1 strip out the ambiguity over payments and geopolitical carve-outs under GL 46B, 51A and 52.
GL 51 + Mining Law: Venezuela's Mining Opening Accelerates and Stalls in the Same Week
OFAC authorized Venezuelan gold exports to the U.S. on March 6. Burgum visited Caracas with 26 mining companies. The National Assembly approved the Mining Law in first reading on March 9. But the second reading stalled after 12 of 130 articles. What looked like a sprint became an obstacle course — with gold, diamonds, and rare earths as the prize.
Oil Majors Tell Washington What It Doesn't Want to Hear: Venezuela's Reform Is "Woefully Inadequate"
At CERAWeek Houston, the CEOs of ConocoPhillips and Chevron — the two most important companies for Venezuela's oil future — publicly stated that OFAC licenses are not enough. They need fiscal reform, legal certainty, and a debt repayment plan. Licenses open the door; the local framework determines if anyone walks through it.
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.
GL 48A: The license that makes CORPOELEC a legal counterparty and opens Venezuela's power sector to U.S. suppliers
GL 48A is the most underrated license in the package. It does not trade oil — it supplies the goods, technology, software, and services that make production work.
GL 46B: The license that makes the U.S. the sole authorized buyer of Venezuelan oil and petrochemicals
GL 46B does not merely authorize Venezuelan crude trading. The March 13 version expanded its scope to petrochemical products, fertilizers, and derivatives.
GL 50A: The named license — 6 majors authorized for unrestricted operations in Venezuela's oil sector
OFAC named six companies in an annex: Chevron, BP, Eni, Repsol, Shell, and Maurel & Prom. For these companies and their subsidiaries, GL 50A authorizes all transactions related to oil and gas operations in Venezuela.
GL 47: Diluents are the key that unlocks production — and the license nobody is reading
Without naphtha, the extra-heavy crude from the Orinoco Belt does not flow. GL 47 authorizes the sale of U.S.-origin diluents to Venezuela.
Sector Briefs
11Venezuela power November 2026: the grid gets repaired at the pace the state pays
IMPSA started work at Macagua and Tocoma on more than $300 million the acting president attributes to the state; GE Vernova is still holding off on work until it gets a first payment from the same payer. November is the final month of the 1,300 MW plan, with Planta Centro 6's synchronization still unannounced as of November 1 and the domestic index at 29 out of 100, its first reading in the unfavorable band.
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 upstream August 2026: the framework stopped being the question and the rate now decides
The Ministry of Hydrocarbons denied an extension of the contract migration deadline. Chevron declared 280,000 bpd in its joint ventures and confirmed it is negotiating fiscal terms. The United States absorbed ~786,000 bpd in July, the highest since early 2019.
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 power August 2026: a failure with no declared cause forces budgeting for the next one
Corpoelec issued no statement establishing the cause of the July 27 episode. June's three capital approaches still have not turned into capacity delivered to the grid, and the system reliability sub-index remains at 22 out of 100.
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.
SEZs, manufacturing and foreign trade: the non-oil economy under the microscope
SEZs, manufacturing, foreign trade and telecommunications. The non-oil economy under the microscope.
OFAC Licenses
23GL 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 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 50C — Oil or Gas Sector Operations of Listed Entities
Authorizes transactions related to oil or gas sector operations in Venezuela of the entities listed in the Annex and their subsidiaries —BP, Chevron, Eni, Maurel & Prom, Repsol and Shell, the same six as in June—, with Treasury routing of payments, taxes and royalties. As of August 27, 2026, the contract must only route disputes to the U.S., U.K., France, or Singapore. Supersedes GL 50B.
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 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 50B — Oil or Gas Sector Operations of Listed Entities
Authorizes transactions related to oil or gas sector operations in Venezuela of the entities listed in the Annex and their subsidiaries, subject to U.S./allied law and forum and Treasury routing of payments —including royalties and taxes. Supersedes GL 50A.
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 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 46B — Expanded Venezuelan Oil and Petrochemical Trade
Expanded version of GL 46 extending authorizations to activities involving Venezuelan-origin oil, petrochemical products, and supply of goods and services to the sector. Captures Repsol/Eni/M&P relationships without requiring specific licenses.
GL 48A — Supply of Certain Items and Services to Venezuela
Authorizes the provision from the United States or by a U.S. person of goods, technology, software, or services for the exploration, development, or production of oil, gas, or petrochemical products in Venezuela, or for the generation, transmission, storage, or distribution of electricity, subject to a U.S.-law contract and payments into the Foreign Government Deposit Funds. Supersedes GL 48.
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 50A — Oil and Gas Sector Operations
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).
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 46 — Venezuelan Oil Trade by Established US Companies
Authorizes U.S. companies with established presence in Venezuela to engage in extraction, processing, transportation and export of Venezuelan crude and refined products. Marks the January 2026 structural shift toward a permissive regime. Superseded by GL 46B in March 2026.
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.
Related entities
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