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OFAC: U.S. Expands Sanctions Relief With New Licenses for Venezuela Oil and Gas Investment
OFAC: U.S. Expands Sanctions Relief With New Licenses for Venezuela Oil and Gas Investment
February 24, 2026/
The Office of Foreign Assets Control last week issued General License 49 authorizing parties to negotiate and enter into contingent contracts for new investment in Venezuela’s oil and gas sector, provided that performance of those agreements remains subject to separate authorization from OFAC. The license covers a wide range of preliminary agreements, including executory contracts, offers capable of acceptance, memoranda of understanding, and similar arrangements. It also permits preparatory steps such as commercial, legal, technical, safety, and environmental due diligence, as well as activities tied to expanding existing operations or forming new joint ventures in the country.
In a related move, the United States Department of State published updated guidance describing the licenses issued to date and signaled that additional authorizations may follow. The actions reflect a continued effort by U.S. authorities to adjust sanctions policy toward Venezuela’s energy sector while maintaining controls over the execution of new investments.
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