GL-49A

Summary

General License No. 49A authorizes transactions otherwise prohibited under the Venezuela Sanctions Regulations (31 CFR part 591) that are related to negotiating and entering into contingent contracts for new investment in Venezuela's oil, gas, petrochemical products, or electricity sectors, including with the Government of Venezuela, PdVSA, or PdVSA-majority-owned entities. Any such contract must be made expressly contingent upon separate OFAC authorization before performance. The license also covers prefatory steps such as due diligence and assessments. It replaces and supersedes General License No. 49 effective March 13, 2026.

Authorized activities

• Negotiating contingent contracts for new oil, gas, or petrochemical products exploration, development, or production in Venezuela
• Negotiating contingent contracts for new electricity generation, transmission, storage, or distribution activities in Venezuela
• Entering into contingent contracts to expand existing operations in Venezuela
• Forming new joint ventures or other entities in Venezuela related to the foregoing activities
• Conducting commercial, legal, technical, safety, and environmental due diligence and assessments as prefatory steps
• Negotiating and entering into contingent contracts involving the Government of Venezuela, PdVSA, or PdVSA-majority-owned entities
• Negotiating contingent contracts related to fertilizer products and fertilizer precursor chemicals listed in the Annex

Conditions

Performance of any authorized contingent contract must be made expressly contingent upon separate OFAC authorization. The license does not authorize: transactions involving persons located in Russia, Iran, North Korea, Cuba, China, or entities owned, controlled by, or in a joint venture with such persons; the unblocking of property blocked under the VSR; or transactions involving a blocked vessel. Compliance with other federal agency requirements, including the Department of Commerce's Bureau of Industry and Security, is still required.