Venezuelan President Nicolás Maduro. (Source: Shutterstock.com)
The U.S. Office of Foreign Assets Control (OFAC) has set a timetable for oil and gas companies to exit the country as Washington expressed dissatisfaction with Venezuela’s progress on holding fair national elections.
OFAC issued General License (GL) No. 44A, which replaces and supersedes GL No. 44, which is set to expire on April 18. OFAC advised oil and gas companies they have until May 31 to wind down operations in the OPEC member country.
Additionally, GL No. 44A prohibits transactions with financial institutions other than Venezuela’s Central Bank (BCV) or Banco de Venezuela SA Banco Universal, OFAC announced Apr. 17 in a press release.
GL No. 44A prohibits provisions of goods and services or new investment in an entity in Venezuela that is owned or controlled by an entity located in Russia. And it prohibits any transaction related to new investments in Venezuela by a person in Russia or any entity owned or controlled by a person located in Russia.
RELATED
US Eases Oil Sanctions on Venezuela for Six Months
At an April 16 press briefing in Washington, U.S. Department of State spokesperson Matthew Miller warned that if the government of Venezuela’s President Nicolas Maduro didn’t fully implement agreements negotiated in Barbados late last year that it would reimpose sanctions.
“[Maduro] has upheld certain aspects of the Barbados Agreement, including setting an election timetable and inviting international observation missions. At the same time, you’ve seen him block candidates from the opposition from the ballot. So those are things that we take very seriously,” Miller said.
OFAC issued GL No. 44 on Oct. 18, 2023 in response to positive negotiations in Barbados between Maduro’s government and opposition leaders. At that time Venezuela’s ruling party agreed to abide by certain stipulations regarding presidential elections and the release of prisoners, among other stipulations imposed by Washington to aid its decision to ease sanctions.
U.S.-based Chevron Corp. has a special license, GL No. 41, which allows it to continue to operate in Venezuela.
Recommended Reading
E&Ps Posting Big Dean Wells at Midland’s Martin-Howard Border
2025-04-13 - Diamondback Energy, SM Energy and Occidental Petroleum are adding Dean laterals to multi-well developments south of the Dean play’s hotspot in southern Dawson County, according to Texas Railroad Commission data.
Chicken or the Egg? Policy and Tech Needed to Enable Hydrogen Market
2025-04-13 - Hydrogen project developers ask themselves the famous ‘chicken or the egg’ conundrum as they lean on policy, incentives and technology to bridge cost gaps.
Nabors, Corva Expand Alliance to Boost AI-Driven Innovation at Rig Sites
2025-04-13 - Nabors Drilling Technologies and Corva AI will use the RigCloud platform to provide real-time insights to crews directly at drilling sites, the companies said.
USD Completes Final Asset Sale of Hardisty Terminal
2025-04-13 - USD Partners was obligated to sell the Hardisty Terminal, in Alberta, Canada, after entering a forbearance agreement with its lenders on June 21 2024.
ADNOC Explores $9B Acquisition of Aethon’s Haynesville Assets—Report
2025-04-11 - Abu Dhabi National Oil Co. (ADNOC) is evaluating an acquisition of natural gas assets from Aethon Energy Management valued at around $9 billion, Bloomberg reported April 11.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.