Ofac Issues License that Allows Venezuelan Oil Operations

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After a decade of almost total prohibitions on the involvement of U.S. companies in the Venezuelan oil sector, on January 29, the Office of Foreign Assets Control (OFAC) of the Treasury Department issued General License (LG) No. 46, on the normative floor of the Penalties Regulations to Venezuela (31 CFR Part 591). This measure involves a carefully calibrated administrative review, which adjusts the current regulatory framework and redefines the…

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The Office for the Control of Foreign Assets (OFAC) today issued a license that allows operations with Venezuelan oil.According to the OFAC document, it is General License 46, which allows, under certain conditions, transactions with Venezuelan oil regardless of whether the government or entities such as PDVSA are related.The conditions of the license issued by OFAC for operations with Venezuelan oil This Thursday, OFAC issued a license that all…

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The coordinator of the Instituto de Estudios Superiores de Administración (IESA), Oswaldo Felizzola, explained the scope of the General License 46 and the recent reform of the Hydrocarbons Act. The expert pointed out that these measures facilitate the transactions of US companies throughout the value chain of the national crude oil. "The license 46 is oriented [...] The entry Expert: Oil Reform and New U.S. license could recover the economy in 1…

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Venezuelan oil. Image: PDVSA. The Office of Foreign Assets Control (OFAC), of the U.S. Treasury Department, issued General License No. 46, with which it allows, in a limited manner and under strict conditions, certain transactions that have so far been prohibited and that involve oil of Venezuelan origin.