VE-GL-46B

Active

Oil and Gas Sector — Established US Entities

Status: Active
Program: VENEZUELA
Authorization: energy_transactions
Effective: 2025-02-04
Expires: No stated expiry

Summary

Authorizes oil and gas sector activities by established US entities.

Authorized activities

oil
gas
petroleum
energy
extraction
production

Conditions

Established US entities only (organized under US law on/before Jan 29, 2025). Excludes Russia/Iran/NK/Cuba counterparties.

Reporting requirement

Transactions require: US law governing contracts, commercially reasonable terms, US dispute resolution mechanisms. Counterparty screening must exclude entities from sanctioned jurisdictions. Compliance reporting to OFAC as specified in GL conditions.