How Four OFAC Licenses Systematically Reopened Venezuela's Oil Industry

Between January 29 and February 10, 2026, the U.S. Treasury issued a coordinated series of general licenses that don't just "open" Venezuela's oil and gas sector — they systematically rebuild the entire value chain.

GL 46/46A: "The Revenue" (January 29 / February 10, 2026)

Authorizes established U.S. entities (incorporated before January 29, 2025) to engage in the lifting, exportation, refining, storage, marketing, and transportation of Venezuelan oil.

The February 10 GL 46A, which supersedes GL 46, includes a key practical adjustment: while maintaining the requirement to use the Foreign Government Deposit Funds, it added a specific exclusion for "payments for local taxes, permits, or fees."

The critical February 10 amendment solved an operational paralysis: while maintaining the Foreign Government Deposit Funds requirement for oil revenues, it carved out direct payment authority for local taxes, permits, and fees. Without this, companies couldn't legally pay routine administrative costs to Venezuelan authorities — a non-starter for actual operations.

GL 47: "The Diluent Key" (February 3, 2026)

Venezuela's extra-heavy crude reserves — representing 80–90% of its production — are unshippable without diluents. GL 47 authorizes U.S. diluent sales, reversing the prohibition that made transportation physically impossible.

GL 48: "The Production Authorization" (February 10, 2026)

While GL 46 allows for lifting and selling, GL 48 authorizes the inputs necessary to actually produce the oil. It allows U.S. persons to provide goods, technology, software, or services for the exploration, development, or production of oil or gas in Venezuela. This effectively reopens the door for U.S. oilfield service companies to resume work.

It explicitly does not authorize the formation of new joint ventures or entities in Venezuela to explore for or produce oil or gas.

GL 30B: "The Logistics" (February 10, 2026)

Updates port and airport operation authorizations, specifically covering dealings with Instituto Nacional de los Espacios Acuáticos (INEA). This ensures the physical logistics — port fees, tugs, terminals — function legally.

The Framework

The January 29 – February 10 framework is not just about selling oil (GL 46/46A); it is a comprehensive restart of the supply chain. GL 47 brings the diluents needed to move the oil, GL 48 brings the technology to pump it, and GL 30B opens the ports to ship it — all under the strict financial "lockbox" of Executive Order 14373.

Ramón Andrade is a Partner at Ponte Andrade Casanova (PAC) in Caracas, where he leads the firm's energy, natural resources, and project finance practice.