OFAC extends, but narrows general license for oilfield service operations in Venezuela

On April 21, 2020, the US Department of Treasury’s Office of Foreign Asset Control issued General License 8F pursuant to the Venezuela Sanctions Regulations (VSR), 31 C.F.R. Part 591, to enable five oilfield services companies to wind down operations in Venezuela involving Petróleos de Venezuela, S.A. (PdVSA).  General License 8F, replaces General license No. 8E, and is effective until December 1, 2020.  However, the new general license narrowed the authorizations of its predecessor, allowing the named companies to engage in transactions otherwise prohibited by Executive Order 13850 or Executive Order 13884 for operations, contracts, or other agreements involving PdVSA or an entity controlled by PdVSA underway prior to July 26, 2019 only to the extent they are (1) for safety or the preservation of assets in Venezuela, or (2) are ordinarily incident and necessary to the wind down of those operations, contracts, or other agreements.

OFAC Press Release | General License No. 8F