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OFFICE OF FOREIGN ASSETS CONTROL
Venezuela Sanctions Regulations
31 CFR part 591
GENERAL LICENSE NO. 49
Authorizing Negotiations of and Entry Into Contingent Contracts for Certain Investment in Venezuela
(a) Except as provided in paragraph (b) of this general license, all transactions prohibited by the Venezuela Sanctions Regulations, 31 CFR part 591 (the VSR), including those involving the Government of Venezuela, Petróleos de Venezuela, S.A. (PdVSA), or any entity in which PdVSA owns, directly or indirectly, a 50 percent or greater interest, that are related to the negotiation of and entry into contingent contracts for new investment in oil or gas sector operations in Venezuela are authorized, provided that the performance of any such contract is made expressly contingent upon separate authorization from the Office of Foreign Assets Control (“contingent contracts”).
Note 1 to Paragraph (a). For purposes of this general license, the term “contingent contracts” includes executory contracts, executory pro forma invoices, agreements in principle, executory offers capable of acceptance such as bids or proposals in response to public tenders, binding memoranda of understanding, or any other similar agreement.
Note 2 to Paragraph (a). Paragraph (a) authorizes negotiating and entering into contingent contracts to engage in new oil or gas exploration, development, or production activities in Venezuela, expand existing operations in Venezuela, and to form new joint ventures or other entities in Venezuela related to the foregoing activities. Transactions authorized by paragraph (a) also include prefatory steps for such activities, such as conducting commercial, legal, technical, safety, and environmental due diligence and assessments.
(b) This general license does not authorize:
(1) Any transaction involving a person located in the Russian Federation, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Republic of Cuba, the People’s Republic of China, or any entity that is owned or controlled by or in a joint venture with such persons;
(2) The unblocking of any property blocked pursuant to the VSR; or
(3) Any transaction involving a blocked vessel.
Note to General License No. 49. Nothing in this general license relieves any person from compliance with the requirements of other Federal agencies, including the Department of Commerce’s Bureau of Industry and Security.
Bradley T. Smith
Director
Office of Foreign Assets Control
Dated: February 13, 2026
1) *This is one of several Venezuelan energy sector-related GLs issued since the U.S. military operation resulting in the capture of Nicolás Maduro. See Venezuela General License 46A, Venezuela General License 47, Venezuela General License 48, Venezuela General License 49 and Venezuela General License 50.
2) On February 13, 2026, OFAC issued Venezuela General License 49 Venezuela General License 50, “ which authorize “all transactions… that are related to oil or gas sector operations in Venezuela” for certain listed entities that appear on the Annex to GL 50, and for all others, “all transactions… related to the negotiation of and entry into contingent contracts for new investment in oil or gas sector operations” (Gl 49). GL 50 features carveouts that are similar to the ones that first appeared in GL 46 (see comments thereto), most significantly the governing law/dispute resolution condition and the “Foreign Government Deposit Funds” condition (GL 50). GL 50 notably specifies that “payments of oil or gas taxes or royalties to the Government of Venezuela, PdVSA, or any PdVSA Entity must be paid into the Foreign Government Deposit Funds,” which serves as guidance indicating that “local taxes, permits, or fees” are not “oil or gas taxes or royalties”.
GL 49, by contrast, is a relatively standard “contingent contracts” GL (compare Iran GL I, Russia GL 131 and 560.536, which all have similar “contingent contracts” definitions). The interpretive “note to paragraph (a)” is specific to GL 49 and should have cross-programmatic implications for other “contingent contracts” GLs. More specifically, OFAC’s position is that the contingent contracts GL authorizes “prefatory steps…such as conducting commercial, legal, technical, safety, and environmental due diligence and assessments.”