Treasury Green-Lights More Venezuela Oil Deals Under New Licenses
Published Date: 6/10/2026
Rule
Summary
The U.S. Treasury just made official two updated licenses (48A and 49A) that let certain U.S. businesses provide goods and services related to Venezuela’s oil, gas, and electricity sectors, even though sanctions are in place. These changes help companies work with Venezuela’s government and its oil giant PdVSA under clear rules, starting from March 13, 2026. If you’re involved in these industries, this means new opportunities with some important contract and payment rules to follow.
Analyzed Economic Effects
9 provisions identified: 2 benefits, 7 costs, 0 mixed.
U.S. persons may supply energy sector items
Starting March 13, 2026, U.S. persons are authorized under General License 48A to provide goods, technology, software, or services ordinarily incident and necessary for oil, gas, petrochemical, or electricity exploration, development, production, generation, transmission, storage, or distribution in Venezuela, including transactions involving the Government of Venezuela and PdVSA or entities 50%+ owned by PdVSA. This authorization replaces General License 48.
Payments to blocked persons must go to deposit fund
GL 48A requires that any monetary payment to a blocked person (other than local taxes, permits, or fees) be made into the Foreign Government Deposit Funds as specified in Executive Order 14373 of January 9, 2026, or to an account as instructed by the U.S. Department of the Treasury. This is a mandatory payment routing rule for authorized transactions.
Prohibited payment terms and media
GL 48A forbids payment terms that are not commercially reasonable, involve debt swaps, or are denominated in gold, digital currency, digital coin, or digital tokens issued by or on behalf of the Government of Venezuela (including the petro). These payment forms are not authorized by the license.
Transactions with certain foreign persons are barred
Both GLs 48A and 49A prohibit transactions involving persons located in or organized under the laws of the Russian Federation, Iran, North Korea, Cuba, or the People’s Republic of China, and any entity owned, controlled by, or in a joint venture with such persons. Those counterparties cannot be part of authorized activities.
Diluents export/reexport to Venezuela still prohibited
GL 48A explicitly does not authorize any transactions or dealings related to the exportation or reexportation of diluents, directly or indirectly, to Venezuela. Exporters of diluents remain barred from such transactions under the VSR.
GL 48A forbids forming new joint ventures
GL 48A does not authorize the formation of new joint ventures or other entities in Venezuela to explore or produce oil, gas, petrochemical products, or to generate, transmit, store, or distribute electricity. New entity formation remains blocked under this license.
GL 49A allows contingent contract negotiations
Effective March 13, 2026, GL 49A authorizes negotiating and entering into contingent contracts (e.g., bids, proposals, memoranda of understanding, offers) for new investment in oil, gas, petrochemical, or electricity operations in Venezuela, including forming new joint ventures, provided actual performance of those contracts is expressly contingent on separate OFAC authorization.
Must use U.S. law and U.S. dispute venue
To use GL 48A, any contract with the Government of Venezuela, PdVSA, or PdVSA entities must state that U.S. law governs the contract and that any dispute resolution will occur in the United States. This is a required condition for the authorization in GL 48A.
Reporting: transaction details due quickly and often
Companies using GL 48A must send a detailed report to OFAC at [email protected] and [email protected] identifying parties, goods/ services (with quantities and values), transaction dates, and taxes/fees. Reports are due 10 days after the first such transaction and then every 90 days while transactions continue.
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