GL-50C

Summary

General License No. 50C 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 for 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, subject to conditions on dispute resolution, payment routing into Foreign Government Deposit Funds, and several categorical exclusions. It replaces and supersedes General License No. 50B dated June 10, 2026.

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 require dispute resolution in the US, UK, France, or Singapore. Monetary payments to a blocked person (excluding local taxes, permits, or fees) must be made into the Foreign Government Deposit Funds per Executive Order 14373 or another Treasury-instructed account; oil/gas tax and royalty payments are likewise directed to those funds. The license does not authorize: commercially unreasonable payment terms, debt swaps, gold payments, or 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 ventures with such persons; unblocking of blocked property; 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 ten days after the first transaction is executed, with subsequent reports every 90 days while transactions are ongoing.