The U.S. Treasury on Thursday released a general license that widens the operational latitude for American oil companies in Venezuela, a move framed as an easing of sanctions in the context of a new U.S.-backed leadership in Caracas after the ousting of Nicolás Maduro.
Designated General License No. 46, the authorization covers a spectrum of transactions that are ordinarily incident to the exportation and refining of Venezuelan crude involving Petróleos de Venezuela, S.A. (PdVSA). The license explicitly includes the "arrangement of shipping and logistics services" to support the movement of petroleum products, allowing U.S. firms to arrange transport and related logistics as part of sanctioned-compliant activity.
Officials described the action as following a recent change in Venezuela's domestic policy environment - Venezuelan lawmakers had earlier approved a significant reform of the country's hydrocarbons policy - and positioned the Treasury decision as part of an effort to recalibrate U.S. engagement under newly supported authorities in Caracas.
While broad in several respects, General License No. 46 imposes clear limitations. The authorization is available only to an "established U.S. entity" that was organized before January 29, 2025. Transactions involving entities from Russia, Iran, North Korea, Cuba, or China remain strictly prohibited. The license also does not permit the unblocking of any property that is blocked pursuant to the Venezuelan sanctions regulations (VSR), nor does it allow dealings with vessels that are blocked.
Chevron Corp (NYSE:CVX) is expected to be a principal beneficiary under the new framework because of its existing joint ventures in Venezuela, which currently account for roughly a quarter of the country’s oil production. The license enables Chevron to increase output and exports under the general authorization without submitting separate, transaction-specific approval requests to Washington.
Other major U.S. oil companies are also positioned to benefit. ConocoPhillips (NYSE:COP) and Exxon Mobil Corp (NYSE:XOM) stand to gain as they pursue recovery of billions in compensation tied to prior expropriations of assets. The license raises the likelihood of re-entry into Venezuelan operations for these firms, which could leverage their historical experience and geographic proximity.
Despite the expanded permissions, the Treasury’s conditions maintain a constrained framework - permitting certain commercial oil activities while preserving prohibitions meant to limit cooperation with specified foreign actors and to protect blocked property and vessels.
Contextual note: The license represents a targeted adjustment to sanctions policy that enables specific commercial oil-sector activities by qualifying U.S. entities while leaving in place several categorical restrictions.