HOUSTON, TEXAS (By Editors at Energy Analytics Institute, 18.Feb.2026, Words: 140) — The US Office of Foreign Assets Control (OFAC) issued general license 50A, dated 18 Feb. 2026, which authorizes transactions by certain entities related to Venezuela’s oil or gas sector.
Importantly, GL50A states the following:
(1) Any contract for such transactions with the government of Venezuela, PDVSA, or PDVSA Entities specify that the laws of the US or any jurisdiction within the US govern the contract and that any dispute resolution under the contract occur in the US; and
(2) Any monetary payment to a blocked person, excluding payments for local taxes, permits, or fees, is made into the Foreign Government Deposit Funds, as specified in Executive Order 14373 of 9 Jan. 2026, or any other account as instructed by the US Department of the Treasury.
____________________
By Editors at Energy Analytics Institute. © 1999-2026 Energy Analytics Institute (EAI). All Rights Reserved.
