HOUSTON, TEXAS (Editors at Energy Analytics Institute, 2.Mar.2025) — The US Treasury Department is preparing to take action to wind-down General License 41 (GL41) and other specific licenses as appropriate as they relate to sanctions on oil and gas companies operating in Venezuela.
“We will issue additional guidance to assist implementation concurrent with any changes to the authorization(s),” Treasury said on 2 Mar. 2025 in a statement on its website.
US-based Chevron Corporation continues to operate in the OPEC country under GL41. Chevron is the last US company operating in Venezuela. GL40, granted by the US Office of Assets Control (OFAC), authorizes the production and lifting of petroleum and petroleum products produced by Chevron’s joint ventures in the South American country.
According to documents seen this week by Energy Analytics Institute (EAI), the US company JV’s are collectively currently producing around 242,000 barrels per day (b/d) in the Caribbean country.
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By Editors at Energy Analytics Institute. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
