Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 31 - Money and Finance: Treasury |
Subtitle B - Regulations Relating to Money and Finance |
Chapter V - Office of Foreign Assets Control, Department of the Treasury |
Part 589 - Ukraine Related Sanctions Regulations |
Subpart C - General Definitions |
§ 589.330 - Production.
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§ 589.330 Production.
The term production as used in § 589.205 refers to the lifting of oil to the surface and the gathering, treating, field processing, and field storage of such oil. The production stage of a project ends when extracted oil is transported out of a field production storage tank or otherwise off a field production site. The term production as used in § 589.205 does not apply to the provision by U.S. persons or within the United States of goods, technology, or services to persons determined to be subject to § 589.205 when such transactions relate only to the transportation, refining, or other dealings involving oil that has already been extracted from a deepwater project as defined in § 589.308, Arctic offshore project as defined in § 589.301, or shale project as defined in § 589.334, and transported out of a field production storage tank or otherwise off of a field production site.