By Misión Verdad – Sep 16, 2026The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury issued General License 52C on September 14, an authorization that expands the scope of operations that certain US companies can conduct with Petróleos de Venezuela (PDVSA) and with the companies in which the Venezuelan state-owned company has, directly or indirectly, at least a 50% stake. The license replaces the previous version, GL 52B.The authorization allows US companies to which the license is applicable to participate in operations that were previously prohibited by US sanctions, as long as they comply with the conditions set by OFAC. The permitted operations include the extraction, purchase, sale, storage, marketing, delivery, transportation, export, and re-export of Venezuelan oil and petroleum products of Venezuelan origin.The scope also includes activities within Venezuela. GL 52C authorizes the supply of diluents, goods, services, and technology necessary for exploration, development, and production in the oil, gas, and petrochemical sectors. And, of particular importance for the future expansion of the industry, it allows the conclusion of new investment contracts intended for those activities, as well as the formation of new joint ventures or other entities related to the ventures.The sanctions regime remains in placeThe license, however, does not even remotely imply any lifting of US sanctions on PDVSA. It is a specific license, with conditions and exclusions determined by Washington.Among the operations that remain outside the authorization are those related to bonds and debt of PDVSA and its subsidiaries, certain operations on equity stakes of PDVSA and its companies, and any transaction aimed at modifying the governance structure of PDV Holding, CITGO Holding, or CITGO Petroleum Corporation. Operations with individuals or entities that remain on the Specially Designated Nationals (SDN) List are also excluded.The license also imposes restrictions on how the authorized operations can be conducted. It does not allow transactions conducted under conditions that OFAC considers commercially unreasonable, nor payments through gold, debt swaps, or certain digital assets issued by or for the Venezuelan government. It also excludes transactions involving individuals or entities linked to Russia, Iran, North Korea, Cuba, and, under the conditions specified by OFAC, China.Another relevant element is in the contracts into which companies may enter with PDVSA or other sanctioned persons or entities: dispute resolution procedures must take place in the United States, the United Kingdom, France, or Singapore. OFAC clarified that this requirement defines the location where the dispute resolution procedures should take place and does not necessarily imply that the contract must be governed by the laws of those jurisdictions.Venezuela expands its oil negotiation mapThe new US license is part of a broader scenario in which Venezuela has been negotiating with oil companies of various countries to recover and expand its oil and gas production capacities.The Venezuelan minister of Hydrocarbons, Paula Henao, explained that, in 2026, a negotiation process has taken place with foreign companies interested in developing projects both onshore and offshore. In an interview broadcast by Venezolana de Televisión, she noted that the Venezuelan government has been finalizing agreements with companies of various countries and that each project responds to the particular characteristics of the field and the agreed business model.One of the agreements that she highlighted was the one reached with Shell for the north of Monagas state, where the objective is to recover light and medium crude oil fields, whose production is strategic for blending with the heavy and extra-heavy crudes that predominate the Venezuelan oil output. The project also includes the recovery of the gas compressor park in the area, with the aim increasing production and strengthening the supply of gas to the domestic market, to meet the demand of basic industries and the national electrical system.In terms of gas, Henao spoke about the development of the Cardón 4 project, in which foreign companies are participating. The field currently produces around 580 million cubic feet of gas per day, and an expansion phase is underway that would increase that production to approximately 645 million cubic feet per day. The project is part of a broader set of initiatives aimed at increasing the availability of natural gas and developing Venezuela’s offshore resources.The minister also referred to the agreements with Chevron, which operates several joint ventures in Venezuela. These operations produce more than 270,000 barrels of crude per day, and the official forecast is to reach around 300,000 barrels per day by 2026, with a subsequent growth projection of 700,000 barrels per day.In the case of the Italian company ENI, Henao highlighted the agreement for the development of Junín 5, in the Orinoco Oil Belt. On September 2, the Italian company signed a Hydrocarbon Productive Participation Contract with PDVSA for 25 years, with the possibility of extension, through which it assumed the role of exclusive operator of the area. ENI notes that Junín 5 contains 35 billion certified on-site barrels of oil and currently produces around 12,000 barrels per day.The negotiation also extends to offshore gas. ENI, for example, participates together with Repsol in the Perla field, within the Cardón 4 license, and both companies have agreed on conditions to continue and expand their production, increasing the volumes destined for the Venezuelan market and contemplating future additional gas exports.It is expected that the signing of agreements will multiply in the remainder of the year, given that PDVSA signed a Memorandum of Understanding with the US company Continental Resources, which opens the door to the signing of a long-term contract.Venezuelan Oil Cannot Fill US Strategic Reserves, Trump Faces Electoral Defeat in MidtermsHenao also made a relevant clarification about the nature of these agreements: each oil field has particular characteristics and, therefore, each project requires a specific contract and business model. This means that the expansion of international partnerships responds to different structures designed according to the geological, productive, financial, and operational conditions of each area.In this scenario, GL 52C may be considered as part of a dynamic that transcends the bilateral relationship with Washington, in which Venezuela seeks to incorporate capital, technology, and international operational capacity into various segments of its energy industry.The general license determines the scope of action for US companies in relation to Washington’s sanctions regime. On the other hand, the agreements that Venezuela negotiates with those and other companies are part of its own policy for developing the country’s oil and gas resources.This, in turn, is in line with Venezuela’s orientation to strengthen economic and commercial relations, especially in hydrocarbons, with the United States, in a context of asymmetric dynamics where Donald Trump’s hemispheric policy is based on ensuring and expanding the signing of contracts between US companies and governments and private sectors throughout the Caribbean region. This approach indicates that Washington has no intention of lifting sanctions on Venezuela, given that it can manage coercive advantage through the issuance of general and specific licenses, and therefore expect greater alignment in the oil and gas sector with Caracas. (Misión Verdad)Translation: Orinoco TribuneOT/SC/CD