GL-48B

Summary

General License No. 48B authorizes U.S. persons and entities to provide goods, technology, software, and services from the United States for the exploration, development, or production of oil, gas, or petrochemical products in Venezuela, as well as for the generation, transmission, storage, or distribution of electricity in Venezuela. The license covers transactions otherwise prohibited by the Venezuela Sanctions Regulations (31 CFR part 591), including those involving the Government of Venezuela, PdVSA, and PdVSA Entities. It imposes specific contractual, payment, and reporting requirements and contains several categorical exclusions. It supersedes General License No. 48A dated March 13, 2026.

Authorized activities

• Provision of goods, technology, software, or services for oil, gas, or petrochemical products exploration in Venezuela
• Provision of goods, technology, software, or services for oil, gas, or petrochemical products development in Venezuela
• Provision of goods, technology, software, or services for oil, gas, or petrochemical products production in Venezuela
• Provision of goods, technology, software, or services for electricity generation, transmission, storage, or distribution in Venezuela
• Processing of payments ordinarily incident and necessary to the above activities
• Arranging shipping and logistics services, including chartering vessels
• Obtaining marine insurance and protection and indemnity (P&I) coverage
• Arranging port and terminal services, including with port authorities or terminal operators that are part of the Government of Venezuela
• Maintenance of oil, gas, petrochemical products, or electricity operations in Venezuela
• Refurbishment or repair of items used for oil, gas, or petrochemical products exploration, development, or production activities
• Refurbishment or repair of items used for electricity generation, transmission, storage, or distribution
• Provision of fertilizer products and fertilizer precursor chemicals listed in the Annex as petrochemical products

Conditions

Contracts with the Government of Venezuela, PdVSA, or PdVSA Entities must be governed by U.S. law and require dispute resolution in the United States, the United Kingdom, France, or Singapore. Monetary payments to blocked persons (excluding local taxes, permits, or fees) must be made into the Foreign Government Deposit Funds as specified in Executive Order 14373 of January 9, 2026, or another account as instructed by the U.S. Department of the Treasury. Payment terms must be commercially reasonable and may not involve debt swaps, gold, or Venezuelan government-issued digital currency (including the petro). Transactions involving persons located in or organized under the laws of Russia, Iran, North Korea, Cuba, or China, or entities owned/controlled by or in a joint venture with such persons, are not authorized. Transactions involving blocked vessels, unblocking of blocked property, formation of new joint ventures in Venezuela for covered activities, and exportation or reexportation of diluents to Venezuela are also excluded.

Reporting requirement

Any person that exports, reexports, sells, resells, or supplies goods, technology, software, or services pursuant to this license must provide a detailed report to Sanctions_inbox@state.gov and VZReporting@doe.gov. The report must identify: (1) the parties involved; (2) the goods, technology, software, or services involved, including quantities and values; (3) the dates the transactions occurred; and (4) any taxes, fees, or other payments provided to the Government of Venezuela. The initial report is due ten days after the execution of the first such transaction, with subsequent reports due every 90 days thereafter while such transactions are ongoing.