1242. What does Venezuela General License (GL) 50A authorize?

GL 50A authorizes, subject to its conditions and exclusions, transactions prohibited by the Venezuela Sanctions Regulations (VSR) that are related to oil or gas sector operations in Venezuela of the entities listed in the Annex to GL 50A and their subsidiaries. Transactions authorized by Venezuela GL 50A include:

• the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of oil or gas from Venezuela, as well as the refining of such oil or gas;
• the provision or receipt of goods, services, software, or technology related to oil or gas sector operations in Venezuela;
• new investment in oil or gas sector operations in Venezuela, including expanding existing operations in Venezuela, engaging in new oil or gas exploration, production, or development activities in Venezuela, and forming new joint ventures or other entities in Venezuela related to the foregoing activities;
• engaging in prefatory steps for any of the foregoing activities, such as conducting commercial, legal, technical, safety, and environmental due diligence and assessments; and
• the processing of payments related to any of the aforementioned activities.

Additionally, U.S. persons may enter into contracts with entities identified in the Annex of GL 50A that are ordinarily incident and necessary to transactions authorized by GL 50A.