1241. What does Venezuela General License (GL) 48 (Authorizing the Supply of Certain Items and Services to Venezuela) authorize?

GL 48 authorizes the provision of goods, technology, software, or services from the United States or by a U.S. person for the exploration, development, or production of oil or gas in Venezuela.

Examples of authorized transactions under GL 48 include the provision of:

• insurance services for oil and gas operations;
• maintenance, refurbishment, or repair of items used for oil or gas exploration, development, or production activities;
• spare or replacement parts required to maintain oil or gas production activities;
• exploration and subsurface interpretation software;
• well stimulation products such as fracturing fluids; or
• the processing of payments from the Government of Venezuela (GOV) or other authorized blocked persons for the underlying transactions. However, any monetary payment to the GOV or Petróleos de Venezuela, S.A. (PdVSA) or its majority-owned subsidiaries (other than payments for local taxes, permits, or fees) must be deposited into the Foreign Government Deposit Funds established pursuant to Executive Order (E.O.) 14373, or another Treasury-instructed account. See FAQ 1237 for information on the payment of local taxes, permits, and fees to the GOV.

GL 48 does not authorize the formation of new joint ventures or other corporate entities in Venezuela to explore or produce oil or gas, nor does it authorize any transaction related to a joint venture involving the Russian Federation or the People's Republic of China, among other conditions. Please note that certain export activities authorized by GL 48 may require additional authorization from the Commerce Department's Bureau of Industry and Security.