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ARTICLE · 24 FEBRUARY 2026

OFAC Issues New General Licenses Expanding Permitted Activities In The Venezuelan Energy Sector

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During the first half of February 2026, only a few weeks after the US capture of former Venezuelan President Nicolas Maduro, the US government has swiftly moved to significantly expand...

GlobalInternational Law
Tamer A. Soliman
Tamer A. Soliman
Thea Kendler
Thea Kendler
Aiysha Hussain
Aiysha Hussain
Gretel Echarte Morales
Gretel Echarte Morales
Federica M. Castro
Federica M. Castro
Stephanie R. Jebeyli
Stephanie R. Jebeyli
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During the first half of February 2026, only a few weeks after the US capture of former Venezuelan President Nicolas Maduro, the US government has swiftly moved to significantly expand the range of activities that US companies can conduct in connection with the Venezuelan energy sector. To that end, the US Department of the Treasury's Office of Foreign Assets Control ("OFAC") has issued a flurry of new general licenses ("GLs"), on February 3 (GL 47), February 10 (GL 48), and February 13 (GL 49 and GL 50).

Subject to certain conditions and limitations, these GLs authorize, respectively, (1) the sale of US-origin diluents to Venezuela; (2) the supply of goods, services, technology and software for the exploration, development, or production of oil or gas in Venezuela; (3) the negotiation and entry into contingent contracts for investments in the South American country's oil or gas sectors; and (4) for certain specified oil companies and their subsidiaries, broadly all

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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