LONDON: Listed below are key information about worldwide oil firms in Venezuela, a rustic with the world’s largest oil reserves thrown into disaster by the seize of President Nicolas Maduro by US forces.
Within the 2000s, former President Hugo Chávez expropriated property from a number of overseas oil firms, strengthening state-owned PDVSA’s management over the nation’s oilfields.
Right now, overseas companies should get hold of US authorizations to barter, plan, and function tasks in Venezuela attributable to Washington’s sanctions. The OPEC nation’s oil exports at the moment are at a standstill.
BP
In 2024, Venezuela granted BP (BP.L), opens new tab and Trinidad and Tobago’s Nationwide Fuel Firm an exploration and manufacturing license for the Venezuelan a part of the yet-to-produce cross-border Manakin-Cocuina fuel subject.
The US in April revoked a earlier license it had given the 2 firms, which stalled the challenge’s planning.
BP didn’t reply to a request for touch upon the present scenario.
CHEVRON
As a part of Chavez’s enforced migration to joint ventures dominated by state oil firm PDVSA, Chevron (CVX.N), opens a brand new tab negotiated to remain within the nation and type partnerships with PDVSA.
It owns stakes of between 25% and 60% in 5 onshore and offshore tasks in Venezuela.
Chevron exported round 150,000 barrels per day of crude from Venezuela to the US Gulf Coast in November, and a few 100,000 bpd final month, based on ship monitoring information.
The corporate says it continues to function in compliance with all related legal guidelines and laws.
CHINESE COMPANIES
China is a serious oil purchaser and investor in Venezuela’s power sector. State-owned China Nationwide Petroleum Corp and Sinopec have joint ventures in Venezuela. They didn’t instantly reply to queries on their Venezuela involvement.
Non-public firm China Harmony Assets Corp deliberate final yr to speculate greater than $1 billion in two oilfields to supply 60,000 bpd by the top of 2026, Reuters reported. The corporate couldn’t be reached for remark.
CONOCOPHILLIPS
Conoco for years has tried to get better some $12 billion from the expropriation of its property within the Chavez period.
“ConocoPhillips is monitoring developments in Venezuela and their potential implications for world power provide and stability. It could be untimely to invest on any future enterprise actions or investments,” a spokesperson mentioned.
ENI
Italy’s Eni (ENI.MI), opens new tab produces fuel from the Perla offshore subject, which is a 50-50 three way partnership with Repsol and is operated by the native firm Cardón IV. Fuel output is used for Venezuela’s electrical energy technology.
Eni mentioned Venezuela owed it $2.3 billion as of June 2025, greater than in 2024, as a result of March 2025 determination of the US administration to revoke all licenses to get better cash owed through PDVSA crude oil cargoes. This has risen to about $3 billion by the top of 2025, a supply at Eni mentioned.
“Eni is carefully monitoring the evolution of the scenario; at current, there aren’t any impacts on operations, that are continuing recurrently,” an Eni spokesperson mentioned.
EXXONMOBIL
ExxonMobil now not has a presence in Venezuela, after it declined emigrate tasks to joint ventures with PDVSA.
In 2023, Exxon mentioned Venezuela owed it $984.5 million in compensation following prolonged worldwide arbitration instances. The instances stemmed from 2007, when Exxon’s oil tasks Cerro Negro and La Ceiba have been expropriated.
A US court docket in September 2025 acknowledged Venezuela’s obligation to pay the sum.
Exxon didn’t instantly reply to a request for remark.
REPSOL
Spanish power agency Repsol (REP.MC), opens new tab holds stakes in a mixture of producing and yet-to-produce onshore and offshore oil and fuel fields in Venezuela, together with Petroquiriquire and Cardón IV West, which it runs with Eni (ENI.MI), opens new tab.
In March 2025, the US instructed Repsol a license it had granted the corporate to function in Venezuela had been revoked. Underneath a earlier allow, Repsol agreed to obtain oil from PDVSA as debt compensation.
Repsol has mentioned Venezuela owes it 586 million euros ($683.63 million). A spokesperson declined to touch upon Monday.
SHELL
Shell (SHEL.L), opens new tab was set to function the yet-to-produce Dragon fuel subject in Venezuelan waters along with Trinidad and Tobago’s Nationwide Fuel Firm <>, whose output could be despatched to Trinidad to be become liquefied pure fuel.
Nonetheless, the challenge stays largely frozen. Shell and BP (BP.L), opens new tab are shareholders in Trinidad’s Atlantic LNG facility, which wants elevated fuel provides.
In October, the US authorities approved Shell and Trinidad to restart planning for Dragon, however Venezuela later suspended all power agreements with Trinidad.
Shell declined to touch upon Monday.
ROSNEFT
Russian state oil agency Rosneft has loaned Venezuela billions of {dollars} assured by oil gross sales and in addition has stakes in ventures equivalent to Petromonagas, Petroperija, Boqueron, Petromiranda and Petrovictoria, with estimated fairness worth of round $5 billion, based on Russian media.
