US Licenses Unlock Venezuela Offshore Seismic Data

Geoex MCG releases over 18,000 km of reprocessed seismic data after easing of US sanctions.

Published on Feb. 26, 2026

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Geoex MCG, a Houston-based subsurface data provider, has released more than 18,000 km of newly reprocessed multi-client seismic data offshore Venezuela after the US Treasury Department's Office of Foreign Assets Control (OFAC) issued three new licenses allowing oil trade, energy services and logistics activities involving Venezuelan crude under existing sanctions.

Why it matters

This release of seismic data opens up opportunities for exploration companies to re-engage with one of the world's most prolific yet underexplored hydrocarbon regions. It comes as Venezuela's national assembly has approved reforms to its main hydrocarbons law aimed at attracting foreign energy investment and reviving output.

The details

The reprocessed surveys, completed in 2025 with partner DUG Technology, cover three areas near the Orinoco Delta and close to the Perla and Dragon gas discoveries. The data form part of the Greater Caribbean Basin Synthesis, a multi-phase exploration program spanning several countries. Geoex MCG manages about 40,000 km of vintage 2D seismic and 4,500 km² of 3D data within the broader campaign.

  • In late January 2026, Venezuela's national assembly approved reforms to its main hydrocarbons law.
  • In February 2026, the US Treasury Department's Office of Foreign Assets Control (OFAC) issued three new licenses allowing oil trade, energy services and logistics activities involving Venezuelan crude under existing sanctions.

The players

Geoex MCG

A Houston-based subsurface data provider that has released more than 18,000 km of newly reprocessed multi-client seismic data offshore Venezuela.

DUG Technology

Geoex MCG's partner in completing the reprocessed seismic surveys in 2025.

Office of Foreign Assets Control (OFAC)

A division of the US Treasury Department that issued three new licenses allowing oil trade, energy services and logistics activities involving Venezuelan crude under existing sanctions.

Venezuela's national assembly

The legislative body that in late January 2026 approved reforms to the country's main hydrocarbons law aimed at attracting foreign energy investment and reviving output.

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What they’re saying

“This release opens the door for exploration companies to re-engage with one of the world's prolific yet underexplored hydrocarbon regions.”

— Robert Sorley, President, Geoex MCG

What’s next

Exploration companies are now able to evaluate the newly released seismic data as they consider potential opportunities in Venezuela's offshore hydrocarbon basins.

The takeaway

The easing of US sanctions and the release of this seismic data could help spur renewed interest and investment in Venezuela's energy sector, which has struggled with years of underinvestment and declining production.