US government authorizes US entities to transact in Venezuelan-origin oil

As Venezuela’s political environment continues to shift, the Trump Administration has authorized US persons to undertake a variety of activities involving Venezuelan-origin oil that had previously been prohibited.

On January 29, 2026, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) issued General License (GL) 46, authorizing “established U.S. entities” to engage in certain transactions involving Venezuelan origin oil. GL 46 was subsequently replaced by GL 46A on February 10, 2026.

On February 3, 2026, OFAC issued GL 47, authorizing transactions ordinarily incident and necessary to the export, re-export, sale, resale, supply, storage, marketing, delivery, or transportation of US-origin diluents to Venezuela. OFAC also published frequently asked questions (FAQs) related to GL 46A on February 6, 2026. On February 10, 2026, OFAC published GL 48, authorizing transactions that are ordinarily incident and necessary to the provision from the United States or by a US person of goods, technology, software, or services for the exploration, development, or production of oil or gas in Venezuela. In addition, OFAC published GL 30B on February 10, 2026, which removed text from GL 30A that prohibited the use of the authorization for transactions or activities related to the exportation or re-exportation of diluents. These developments likely follow increased specific license requests from US companies seeking to transact in the Venezuelan oil sector.

Below, we provide key details of GL 46A, GL 47, GL 48, the related FAQs, and the implications for US companies.

Background

After former Venezuelan President Nicolás Maduro was removed from office, on January 6, 2026, President Trump announced that Venezuela would transfer between 30 and 50 million barrels of oil to the US, which would sell the oil at market prices.

In an effort to protect the proceeds of those sales from the Maduro regime’s creditors, President Trump issued Executive Order (EO) 14373, “Safeguarding Venezuelan Oil Revenue for the Good of the American and Venezuelan People,” on January 9, 2026. Under EO 14373, funds derived from either the sale of natural resources from, or the sale of diluents to, the Government of Venezuela or its agencies or instrumentalities (Foreign Government Deposit Funds) are protected from attachment by creditors, preventing judgment holders and other claimants from seizing payments made in connection with any US authorized oil transactions.

General License 46A – authorizing exportation of Venezuelan oil

GL 46A provides a pathway for established US entities to lift, export, re-export, sell, resell, supply, store, market, purchase, deliver, or transport Venezuelan origin oil (as defined in section 5(a) of EO 14245). While Venezuelan-origin oil itself is not sanctioned, the parties that own and control that oil – the Government of Venezuela or Petroleos de Venezuela, S.A. (PdVSA) and its 50-percent-or-more-owned entities – remain subject to sanctions prohibitions. Therefore, before the issuance of GL 46 and its subsequent replacement GL 46A, US entities required a specific license to engage in transactions to acquire, transport, refine, market, and sell Venezuelan-origin oil.

OFAC’s authorization applies solely to “established US entities,” defined as entities organized in the US on or before January 29, 2025. OFAC requires that contracts authorized by GL 46A be governed by US law and that contractual disputes be resolved in a US forum. Subsequent OFAC guidance clarifies that such dispute resolution requirements only apply to contracts governing transactions undertaken by an established US entity when the contract is with the Venezuelan Government, PdVSA, or any entity PdVSA owns directly or indirectly with a 50 percent or greater interest. In contrast, the dispute resolution requirements detailed in GL 46A do not apply to indirect parties or indirect counterparties involved in transactions authorized by GL 46A, such as a downstream transaction to an entity engaged in a transaction involving PdVSA.

GL 46A also authorizes transactions ordinarily incident and necessary to lifting, exportation, sale, and supply of Venezuelan-origin oil, including “arranging shipping and logistics services, including chartering vessels, obtaining marine insurance and protection and indemnity coverage, and arranging port and terminal services, including with port authorities or terminal operators that are part of the Government of Venezuela.”

Further OFAC guidance clarifies that GL 46A authorizes downstream trading activities in Venezuelan-origin oil: Once a transaction with the Venezuelan Government, PdVSA, or its majority-owned subsidiaries has been completed pursuant to GL 46A, and the interest – including any future or contingent interest – of a blocked entity is fully extinguished, then the oil can be freely sold, resold, and traded by any downstream purchaser, including entities that are not established US entities, as defined in GL 46A.

GL 46A imposes detailed payment limitations. Payment terms must be commercially reasonable and can include swaps of crude oil, diluents, or refined petroleum products. Commercially reasonable terms include terms related to, among other things, the governance, economics, operations, and legal/compliance requirements of a contract negotiated at arm’s length between two or more parties. However, such terms may not involve debt swaps, payments in gold, or digital currency issued by or on behalf of the Government of Venezuela, including the petro, Venezuela’s state-backed cryptocurrency.

Notably, GL 46A requires that any payment otherwise owed to the Venezuelan government or PdVSA, excluding payments for local taxes, permits, or fees, be deposited into the designated Foreign Government Deposit Funds account at the US Treasury Department, as established under EO 14373.

Most other transactions with the Venezuelan Government and PdVSA remain prohibited. GL 46A does not unblock property, authorize transactions involving blocked vessels, or authorize dealings with persons located in or organized under the laws of Russia, Iran, North Korea, or Cuba - as well as any entity owned or controlled, directly or indirectly (including by or in a joint venture with) any of the foregoing. GL 46A also does not authorize transactions with Chinese‑owned or controlled entities in Venezuela or the US, or with joint ventures or other entities located in the People’s Republic of China. However, GL 46A does not restrict the resale of Venezuelan-origin oil to China by an established US entity.

Importantly, GL 46A does not authorize exploration activity or negotiations for new investment activities (e.g., conducting geological surveys, drilling wells, extracting oil from fields in Venezuela, or negotiations with PdVSA to enter into a contract to develop or operate oil fields); any such activity would require a specific license.

Entities that are not an “established U.S. entity” can be involved in transactions authorized by GL 46A. Specifically, non-US persons may engage in transactions or provide services that are ordinarily incident and necessary to an established US entity’s transactions authorized by GL 46A.

General License 47 – authorizing the sale of US-origin diluents to Venezuela

GL 47 complements GL 46A by authorizing transactions ordinarily incident and necessary to the export, re-export, sale, resale, supply, storage, marketing, delivery, or transportation of US-origin diluents to Venezuela. Similar to GL 46A, GL 47 permits engagement with the Government of Venezuela and PdVSA entities provided that contracts are governed by US law and the venue for dispute resolution is in the US. The authorization includes payment processing, shipping and logistics services, marine insurance, and port or terminal activities.

However, GL 47 maintains strict limitations on payment terms, explicitly prohibiting debt swaps, gold payments, the use of Venezuelan government issued digital currencies, and any payment terms that are not commercially reasonable. GL 47 also prohibits transactions involving persons in Iran, North Korea, or Cuba, as well as transactions involving blocked vessels. Notably, an entity operating under GL 47 must submit a detailed transaction report to the Department of State and Department of Energy within ten days of its first qualifying transaction and every 90 days thereafter. Such transaction reports must include the: (i) parties involved; (ii) the quantities and values; and (iii) the dates the transactions occurred.

General License 30B – authorizing certain transactions necessary to port and airport operations

OFAC replaced GL 30A with GL 30B to remove text that would otherwise prohibit the use of the authorization for transactions or activities related to the exportation or re-exportation of diluents, directly or indirectly to Venezuela. Because of these changes made from GL 30A to 30B, persons can now rely on GL 30B and GL 37 to transport US-origin diluents to Venezuela.

General License 48 – authorizing the supply of certain items and services for oil and gas exploration, development, and production

GL 48 authorizes transactions that are ordinarily incident and necessary to the provision from the US or by a US person of goods, technology, software, or services for the exploration, development, or production of oil or gas in Venezuela. The authorization extends to payment processing, shipping and logistics services, marine insurance, arranging port or terminal services, and transactions for the maintenance of oil or gas operations in Venezuela, including the refurbishment or repair of items used for oil or gas exploration, development, or production.

GL 48 includes the same requirements for contracting, choice of law, commercial terms, and limitations on payment terms as GL 46A and GL 47. In addition, GL 48 has the same deposit requirements as GL 46A.

GL 48 also prohibits transactions involving persons in or organized under the laws of Russia, Iran, North Korea, Cuba, and China or any entity that is owned or controlled, directly or indirectly, by or in a joint venture with such persons. Further, GL 48 prohibits the formation of new joint ventures or other entities in Venezuela to explore or produce oil or gas and any transactions related to the exportation or re-exportation of diluents to Venezuela.

Like GL 47, an entity that relies on GL 48 must submit a detailed transaction report to the Department of State and Department of Energy within ten days of its first qualifying transaction and every 90 days thereafter. Such transaction reports must include (i) the parties involved; (ii) the goods, technology, software, or services involved, including quantities and values; (iii) the date the transactions occurred; and (iv) any taxes, fees, or other payments provided to the Government of Venezuela.

Looking ahead

While GL 46A, GL 47, and GL 48 do authorize a number of transactions, such authorizations are limited in scope and have specific compliance requirements. For example, reporting obligations continue to apply for Venezuelan-origin oil supplied to destinations outside the US. Reports must be submitted to the Department of State and Department of Energy within ten days after the first such transaction and every 90 days thereafter while transactions are ongoing. In addition, nothing in GL 46A, GL 47, or GL 48 relieves any person from compliance with the requirements of other US federal agencies, such as the Department of Commerce’s Bureau of Industry and Security (BIS). However, the regulated community may expect to see rulemaking or change in licensing policy by BIS to enable the supply of certain items and services described in GL 48. DLA Piper continues to monitor developments in Venezuela and across the region and regularly advises clients on resulting compliance obligations. The firm’s National Security and Global Trade team is available to advise on the scope of GL 46A, GL 47, GL 48, and related considerations.

For further guidance with regard to Venezuela, please contact the authors of this alert or other Partners within the firm’s National Security and Global Trade practice.