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Halliburton subs settle OFAC claims

02/25/2016
Fine Amount: 
$304,706
Penalty Type: 
Issued by: 

Halliburton Atlantic Limited (HAL) has agreed to pay $304,706 on behalf of itself and its affiliate, Halliburton Overseas Limited (HOL), to settle potential civil liability for alleged violations of the Cuban Assets Control Regulations, 31 C.F.R. part 515 (the “CACR”), by HAL and HOL, reports the Treasury Department's Office of Foreign Assets Control (OFAC)

From on or about February 15, 2011, to on or about April 6, 2011, HAL and HOL, two Cayman Island subsidiaries of the U.S. company Halliburton Energy Services, Inc. (collectively, “Halliburton”), appear to have violated § 515.201(b) of the CACR by dealing in property in which Cuba or a Cuban national had an interest when they exported goods and services in support of oil and gas exploration and drilling activities within the Cabinda Onshore South Block oil concession (the “Concession”) in Angola. Specifically, Cuba Petroleo, a state-owned Cuban company also known as Cupet, held a five percent interest in an oil and gas production consortium (“the Consortium”) and corresponding interests in the Concession and any oil or gas procured within the Concession.

OFAC determined that the alleged violations were voluntarily self-disclosed and constituted a non-egregious case. The total transaction value of the alleged violations was $1,189,752. The statutory maximum civil monetary penalty for the alleged violations was $1,235,000 and the base penalty amount for the alleged violations was $423,202.

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