GL-50B

Summary

This license authorizes all transactions otherwise prohibited by the Venezuela Sanctions Regulations (31 CFR part 591) that are related to oil or gas sector operations in Venezuela conducted by six named entities (BP PLC, Chevron Corporation, Eni S.p.A., Établissements Maurel & Prom SA, Repsol S.A., and Shell PLC) and their subsidiaries. The authorization covers transactions involving the Government of Venezuela, PdVSA, and PdVSA Entities. Contracts must be governed by U.S. law, dispute resolution must occur in specified jurisdictions, and monetary payments to blocked persons must be directed into the Foreign Government Deposit Funds.

Authorized activities

• All transactions related to oil or gas sector operations in Venezuela of the Annex-listed entities (BP PLC, Chevron Corporation, Eni S.p.A., Établissements Maurel & Prom SA, Repsol S.A., Shell PLC) and their subsidiaries
• Transactions involving the Government of Venezuela, PdVSA, or PdVSA Entities that are related to such oil or gas sector operations

Conditions

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., U.K., 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 or another Treasury-instructed account; oil or gas taxes and royalties are similarly restricted. The license does not authorize: commercially unreasonable payment terms, debt swaps, payments in gold, or transactions denominated in Venezuelan digital currency (including the petro); transactions involving persons in Russia, Iran, North Korea, Cuba, or China, or entities owned/controlled by or in joint venture with such persons; the 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. Reports are due within ten days after the execution of the first transaction and every 90 days thereafter while transactions are ongoing.