Frequently Asked Questions

For the purposes of GL 47, diluent means a light hydrocarbon liquid, such as natural gas condensate, naphtha, or light crude oil, that is added to heavy crude oil or bitumen to reduce its viscosity and density in order to transport, export, store, or process more …

To obtain payment account information for payments to the Foreign Government Deposit Funds, as specified in Executive Order (E.O.) 14373 , "Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People," and referenced in certain Venezuela General Licenses, please contact… Read more

Specific license applications to perform any contingent contracts executed pursuant to GL 49 will be assessed on a case-by-case basis consistent with U.S. foreign policy and national security priorities. Recent Venezuela-related general licenses issued by OFAC have included various limitations in… Read more

Entities not identified in the Annex to GL 50A can rely on other authorizations to support the development of oil or gas projects in Venezuela. For example, such companies can enter into contingent contracts for new investments in the Venezuela oil or gas sectors pursuant to GL 49 and submit a… Read more

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… Read more

In accordance with the United States' support and solidarity for the Cuban people, OFAC would implement a favorable licensing policy toward specific license applications seeking authorization for the resale of Venezuelan-origin oil for use in Cuba. To qualify for this favorable licensing policy,… Read more

Yes. Consistent with the term "Venezuelan oil" as defined in section 5(a) of Executive Order 14245 , "Imposing Tariffs on Countries Importing Venezuelan Oil," the term "Venezuelan-origin oil" means crude oil or petroleum products extracted, refined, or exported from Venezuela, regardless of the… Read more

GL 46B authorizes activities that are ordinarily incident and necessary to the lifting (which refers to the physical loading and removal of oil from a terminal, storage facility, or production site for delivery to a buyer), exportation, reexportation, sale, resale, supply, storage, marketing,… Read more

If a U.S. person entered into a long-term credit facility or loan agreement prior to August 25, 2017, drawdowns and disbursements with repayment terms of 90 days or less (for PdVSA) or 30 days or less (for the rest of the Government of Venezuela) are not prohibited. Drawdowns and disbursements… Read more

Executive Order 13857 of January 25, 2019 "Taking Additional Steps to Address the National Emergency with Respect to Venezuela" broadens the definition of the term "Government of Venezuela" to include persons that have acted, or have purported to act, on behalf of the Government of Venezuela,… Read more