October 22, 2019

U.S. Extends General License No. 8, Authorizing Dealings with Certain U.S. JVs in Venezuela

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Yesterday, the Office of Foreign Assets Control (OFAC) issued General License No. 8D, authorizing U.S. persons to engage in transactions and activities involving Petroleos de Venezuela, S.A. (PdVSA) that are ordinarily incident and necessary to the maintenance of operations, contracts, and other agreements involving Chevron, Halliburton, Schlumberger Limited, Baker Hughes, and Weatherford International in Venezuela that were in effect prior to July 26, 2019.

The new general license is valid until January 22, 2020. The prior General License 8C was set to expire on October 25, 2019.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.