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ARTICLE · 17 MARCH 2026

Venezuela’s Oil Sector Reopens Under Continuing Sanctions Constraints

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Venezuela has moved to expand participation in its hydrocarbons sector through amendments to its Organic Law on Hydrocarbons (the “LOH”). At the same time, OFAC has issued targeted general licenses authorizing specified categories of energy-sector activity, while leaving the broader Venezuela sanctions framework in place.

GlobalInternational Law
Melissa Stoesser Young
Melissa Stoesser Young
Paola Ramirez
Paola Ramirez
Thomas Hatfield
Thomas Hatfield
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Venezuela has moved to expand participation in its hydrocarbons sector through amendments to its Organic Law on Hydrocarbons (the “LOH”).1 At the same time, OFAC has issued targeted general licenses authorizing specified categories of energy-sector activity, while leaving the broader Venezuela sanctions framework in place.

Together, these developments create defined but tightly controlled pathways for foreign engagement. For Canadian operators, oilfield service providers, traders and lenders, opportunities may be emerging, but execution remains shaped by license scope, payment routing, and compliance and banking risk.

Hydrocarbons Reform: Expanded Participation Within Continued State Control

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