The US Treasury Department announced on Tuesday, February 10, the issuance of the new General License 44A, which authorizes “the supply, export, and re-export of technology, software, equipment, and services necessary for the exploration, production, refining, and transportation of oil and gas in Venezuela.”

This legal instrument, published by the Office of Foreign Assets Control (OFAC), represents a further step in the relaxations granted in recent weeks and is framed within the new Venezuelan political landscape.

Among the scope of this license is the authorization for “U.S. persons and entities, as well as foreign subsidiaries of U.S. companies, to carry out the following activities without the need for case-by-case authorization.”

In detail, the following are authorized:

• Exporting, re-exporting, selling, or supplying specialized software for reservoir management, seismic modeling, reservoir simulation, well optimization, and real-time monitoring.
• Supplying advanced drilling technology, downhole equipment, smart completion tools, artificial lift systems, and enhanced oil recovery (EOR) technologies.
• Providing technical and consulting services directly related to improving oil and gas production.
• Conducting financial transactions associated with the aforementioned activities.

It is important to clarify that General License 44A does not authorize the supply of goods or technology that could have military use or that are expressly prohibited by other export control regulations (EAR/BIS). It also does not eliminate individual sanctions against specific persons or entities yet designated by the Treasury.

The measure was implemented by the United States government considering that without the necessary technology and support, such as reservoir simulation software, 4D seismic analysis, and updated SCADA systems, it would be impossible to halt and reverse the natural decline of the oil fields.

The license took effect immediately and remains valid until December 31, 2026, unless modified or revoked by the Department of the Treasury.

M.Pino

Source: puntodecorte

(Reference image source: Adi Goldstein on Unsplash)

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