Regulatory Alerts2024-05-30 | 2024-11846Added · Updated
Publication of Venezuela Sanctions Regulations Web General License 8N
The Office of Foreign Assets Control (OFAC) published General License (GL) 8N, effective May 10, 2024, which supersedes GL 8M and is valid through November 15, 2024. This license authorizes Halliburton, Schlumberger Limited, Baker Hughes Holdings LLC, Weatherford International, Public Limited Company, and their subsidiaries to conduct transactions ordinarily incident and necessary for the limited maintenance or wind down of essential operations, contracts, or agreements in Venezuela. These authorized activities must involve PdVSA or entities it owns 50 percent or more, have been in effect prior to July 26, 2019, and be for safety or asset preservation. The license explicitly prohibits activities such as the drilling, lifting, or sale of Venezuelan petroleum, most new construction or personnel contracts, and the payment of dividends to PdVSA.