On March 4, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Venezuela General License 41A (“GL”) “Authorizing the Wind Down of Certain Transactions Related to Chevron Corporation’s Joint Ventures in Venezuela.” This updated license modifies GL 41, which previously allowed Chevron Corporation, its subsidiaries, and joint ventures (“Chevron”) to conduct certain transactions involving Petroleos de Venezuela, S.A. (“PdVSA”).
More specifically, GL 41 allowed the production, lifting, maintenance, and servicing of petroleum or petroleum products; the sale, export, or import of petroleum or petroleum products to the United States; and activities necessary to ensure the health, safety, and operational integrity of personnel or assets involved with Chevron’s operations in Venezuela.
