GL-50A
SupersededAuthorizing Transactions Related to Oil or Gas Sector Operations in Venezuela of Certain Entities
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Summary
General License No. 50A authorizes all transactions prohibited by the Venezuela Sanctions Regulations, 31 CFR part 591 (VSR), including those involving the Government of Venezuela, Petróleos de Venezuela, S.A. (PdVSA), or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest (PdVSA Entities), that are related to oil or gas sector operations in Venezuela of the entities listed in its Annex and their subsidiaries. The Annex, as of February 18, 2026, lists BP PLC, Chevron Corporation, Eni S.p.A., Établissements Maurel & Prom SA, Repsol S.A., and Shell PLC. Effective February 18, 2026, it replaced and superseded General License No. 50, dated February 13, 2026.
Conditions
Any contract for such transactions with the Government of Venezuela, PdVSA, or PdVSA Entities must specify that the laws of the United States or any jurisdiction within the United States govern the contract and that any dispute resolution under the contract occur in the United States, and any monetary payment to a blocked person, excluding payments for local taxes, permits, or fees, must be made into the Foreign Government Deposit Funds specified in E.O. 14373 of January 9, 2026, or any other account as instructed by the U.S. Department of the Treasury; oil or gas taxes or royalties owed to the Government of Venezuela, PdVSA, or any PdVSA Entity must be paid the same way. The license does not authorize: (1) payment terms that are not commercially reasonable, involve debt swaps or payments in gold, or are denominated in digital currency, digital coin, or digital tokens issued by, for, or on behalf of the Government of Venezuela, including the petro; (2) any transaction involving a person located in the Russian Federation, Iran, North Korea, Cuba, or the People's Republic of China, or any entity owned or controlled by or in a joint venture with such persons; (3) the unblocking of any property blocked pursuant to the VSR; or (4) any transaction involving a blocked vessel. Nothing in it relieves any person from compliance with the requirements of other Federal agencies, including the Department of Commerce's Bureau of Industry and Security.
Reporting requirement
Any person that engages in transactions pursuant to this general license must provide a detailed report to Sanctions_inbox@state.gov and VZReporting@doe.gov identifying: (1) the parties involved; (2) a description of the transactions, including, as relevant, the quantities, values, and dates of the transactions; and (3) any taxes, fees, or other payments provided to the Government of Venezuela. Reports are due ten days after the execution of the first such transaction and every 90 days thereafter while such transactions are ongoing.