New Developments in Relation to the Legal Representation of Venezuela in International Proceedings

On 23 January 2019, after Nicolas Maduro began his second term as Venezuela’s president, the Venezuelan opposition leader Juan Guaidó proclaimed himself Venezuela’s “acting president” and swore himself as interim president of Venezuela.  Following Guaidó’s declaration, more than 50 countries, including the United States, Canada, several EU Member States, and various Latin American countries, recognized … Read more

MEXICO ENERGY ALERT: Initiative to Radically Change Mexico’s Electric Power Industry

On February 1, 2021, Mexican President Andrés Manuel Lopez Obrador submitted to Congress an initiative (the “Initiative”) to amend the Electric Power Industry Law. The Initiative appears to be part of the current administration’s plan to reverse the Energy Reform introduced by former president Enrique Peña Nieto in 2013 (“the Energy Reform”) that liberalized the … Read more

Chile’s Decarbonization Strategy: Leading the Way by Example

Fighting climate change is a particularly relevant goal for Latin America since it is home to half of the planet’s biodiversity and over a quarter of its forests.[1]  It therefore does not come as a surprise that all the Latin American and Caribbean countries ratified the Paris Agreement between 2016 and 2018.  The Paris Agreement … Read more

OFAC Sanctions Chinese Tech Company for Violating Venezuela Sanctions

On November 30, OFAC designated China National Electronics Import and Export Corporation (“CEIEC”) to its Specially Designated Nationals and Blocked Persons list (“SDN List”). The OFAC press release is available here. CEIEC is a Chinese state-owned technology corporation. According to its website, CEIEC claims that it is a “close partner of many foreign government[s], military and security … Read more

OFAC Extends Venezuela General License 8, Enabling US Energy Companies to Continue Engaging in Limited Activities With PdVSA

On November 17, OFAC issued General License 8G, Authorizing Transactions Involving Petróleos de Venezuela, S.A. (“PdVSA”) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities (“GL 8G.”). GL 8G, like its predecessor General License No. 8F (“GL 8F”), authorizes several  US energy companies to engage … Read more

OFAC Issues New Venezuela General License, Effectively Delaying Creditors’ Ability to Seize Citgo Assets

On October 6, OFAC issued General License 5E, Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After January 19, 2021 (“GL-5E”). GL-5E appears intended to protect bondholders of CITGO Holding, Inc. (“Citgo”), which is a wholly owned subsidiary of Venezuela’s state-owned oil and natural gas company, Petróleos … Read more

Opportunities in Brazil: Petrobras Divestment Program

What E&P Projects will Petrobras Offload by Year-end? (BNamericas) Brazil’s state oil firm Petrobras is due to complete by the end of 2020 the sale of 109 exploration and production areas. The sell-offs are part of the company’s US$20-30bn divestment plan focused on reducing participation in onshore and shallow water projects to focus on deepwater E&P. The deadline was imposed … Read more