In a new twist in its policy towards Venezuela, the U.S. Treasury Department has issued General License No. 48, a measure that allows U.S. companies to conduct certain transactions with the Venezuelan oil and gas sector, provided that strict contractual and regulatory conditions are met.
This easing of U. S . sanctions enables operations that had been blocked for years, marking a possible return of energy firms to the South American country.
What this new authorization allows
The license authorizes the supply of goods, technology, software and services necessary for the exploration, development or production of oil or gas in Venezuela. This provision includes operations with Petróleos de Venezuela S.A. (PDVSA) and its affiliated entities, as well as the management of associated logistics, port and shipping services.
In addition, equipment refurbishment or repair is allowed, provided that contracts establish U.S. legal jurisdiction and that payments are channeled to specific accounts under U.S. control.
Conditions imposed
Central requirements for these transactions include:
- Contracts must be governed by U.S. law.
- All dispute resolution must occur within the U.S. territory.
- Payments to blocked entities must be made through Treasury-authorized channels, such as the Foreign Government Deposit Fund.
- Detailed reports of operations must be submitted every 90 days to federal agencies.
Energy companies and their positioning
Companies such as Chevron, Halliburton and SLB (Schlumberger) appear as potential beneficiaries of the measure, since they have interests or technical capacity to operate in the country.
However, not all multinationals view this opportunity favorably. From Europe, TotalEnergieswhich left Venezuela in 2022, has pointed out that returning to the country would imply facing high costs and environmental challenges, which indicates that not all players will be willing to assume the risks of returning to this market.
A slim balance
This decision reflects an attempt to balance economic interests and diplomatic objectives. Although it opens a door for the Venezuelan energy sector to recover some oxygen, it does so under the direct supervision of the Treasury and with mechanisms that ensure that political control is not compromised.
Source: U.S. Department of the Treasury