GL-50B

Summary

General License 50B authorizes transactions otherwise prohibited by the Venezuela Sanctions Regulations (31 CFR part 591), including those involving the Government of Venezuela, PdVSA, or PdVSA Entities, that are related to oil or gas sector operations in Venezuela conducted by six specifically listed entities (BP PLC, Chevron Corporation, Eni S.p.A., Établissements Maurel & Prom SA, Repsol S.A., and Shell PLC) and their subsidiaries. Contracts with the Government of Venezuela, PdVSA, or PdVSA Entities must be governed by U.S. law and provide for dispute resolution in the U.S., UK, France, or Singapore. Monetary payments to blocked persons (other than local taxes, permits, or fees) must be directed into the Foreign Government Deposit Funds or another account as instructed by the U.S. Department of the Treasury. This license supersedes General License No. 50A dated February 18, 2026.

Authorized activities

• Oil or gas sector operations in Venezuela by BP PLC and its subsidiaries
• Oil or gas sector operations in Venezuela by Chevron Corporation and its subsidiaries
• Oil or gas sector operations in Venezuela by Eni S.p.A. and its subsidiaries
• Oil or gas sector operations in Venezuela by Établissements Maurel & Prom SA and its subsidiaries
• Oil or gas sector operations in Venezuela by Repsol S.A. and its subsidiaries
• Oil or gas sector operations in Venezuela by Shell PLC and its subsidiaries
• Transactions involving the Government of Venezuela, PdVSA, or PdVSA Entities that are related to the above oil or gas sector operations

Conditions

Contracts with the Government of Venezuela, PdVSA, or PdVSA Entities must be construed under U.S. state or jurisdictional law and require dispute resolution in the U.S., UK, France, or Singapore. Monetary payments to blocked persons (excluding local taxes, permits, or fees) must be made into the Foreign Government Deposit Funds or another Treasury-designated account. The license does not authorize: commercially unreasonable payment terms, debt swaps, gold payments, or payments in Venezuelan government-issued digital currency (including the petro); transactions involving persons located in Russia, Iran, North Korea, Cuba, or China, or entities owned, controlled by, or in joint venture with such persons; unblocking of property blocked under the VSR; or transactions involving a blocked vessel.

Reporting requirement

Any person engaging in transactions under this license must submit a detailed report to Sanctions_inbox@state.gov and VZReporting@doe.gov identifying: (1) the parties involved; (2) a description of the transactions including quantities, values, and dates; and (3) any taxes, fees, or other payments provided to the Government of Venezuela. The first report is due within ten days after execution of the first transaction, with subsequent reports every 90 days while transactions are ongoing.