Brief
OFAC has eased restrictions on oil-related activity in Venezuela, allowing certain services and technical studies tied to petroleum production and power infrastructure. The revised framework also permits negotiations over new investment but stops short of broad authorization. Key restrictions remain: parties may not establish new joint ventures, and diluent supplies are still prohibited. The measure creates a pathway for preparatory and support work while preserving significant constraints on project structures and essential operating inputs.
The change expands the scope for due diligence, technical preparation and service activity in Venezuela’s oil and electricity sectors. However, the bans on new joint ventures and diluent supplies continue to restrict capital deployment, project design and the potential production response.
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Industry · El Nacional - Economía
Sep 28, 2026
Watch for OFAC implementation guidance and the first authorized service contracts, technical studies or investment negotiations, as well as any subsequent change to the restrictions on new joint ventures and diluent supplies.