The US government just rolled out the welcome mat for oil companies eyeing Venezuela’s vast crude reserves, but the mat comes with a lot of fine print. Through a series of amended general licenses issued by the Office of Foreign Assets Control (OFAC), the Trump administration has fundamentally reshaped the investment landscape for Venezuela’s energy sector.
The move follows the January 3, 2026, capture and extradition of Nicolás Maduro, an event that set in motion a rapid recalibration of Washington’s sanctions posture toward the South American nation.
What the new licenses actually allow
On January 29, 2026, General License 46 permitted US entities to begin marketing Venezuelan-origin oil.
On February 13, 2026, OFAC issued GL 49, which was subsequently amended as GL 49A on March 13. This license allows companies to negotiate and enter into new contingent investment contracts across Venezuela’s oil, gas, petrochemical, and electricity sectors. The catch: each contract still requires subsequent OFAC approval before operations can begin.
