Key Points Three GLs issued by OFAC last week—GL 48, GL 49 and GL 50—represent the Trump administration’s first significant actions providing sanctions relief related to upstream oil and gas sector operations in Venezuela. The issuance of these GLs bookended a trip by U.S. Secretary of Energy Chris Wright to Caracas, where he met with Venezuelan Interim President Delcy Rodriguez and delivered remarks emphasizing the Trump administration’s goal of increasing oil and gas production, among other things, to promote prosperity for the Venezuelan people. In brief, these GLs authorize the following activities: GL 48: The provision of goods, technology, software and services from the United States or by a U.S. person for the exploration, development or production of oil or gas in Venezuela. GL 49: The negotiation of and entry into (but not execution or performance of) contingent contracts for new investment in oil or gas sector operations in Venezuela. GL 50: Transactions related to the oil or gas sector operations of specified U.S. and non-U.S.