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U.S. authorizes Chevron to resume limited oil operations in Venezuela

The Department of the Treasury on Saturday announced that, following resumption by the Maduro regime of talks in Mexico City; a humanitarian agreement focused on education, health, food security, flood response, and electricity programs that will benefit the Venezuelan people; and agreement on the continuation of talks focused on the 2024 elections, OFAC has issued a new General License authorizing Chevron Corporation to resume limited natural resource extraction operations in Venezuela.

This authorization prevents Petroléos de Venezuela, S.A. (PdVSA) from receiving profits from the oil sales by Chevron. General License 41 authorizes activity related to Chevron’s joint ventures in Venezuela only, and does not authorize other activity with PdVSA. Other Venezuela-related sanctions and restrictions imposed by the United States remain in place.

For links to the General License and two new related FAQs, see BankersOnline’s OFAC Update.

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