Venezuela, home to the world’s largest proven oil reserves, has been plunged into renewed turmoil following the capture of President Nicolas Maduro by U.S. forces. The crisis has once again cast uncertainty over the role of international oil companies in the sanctioned OPEC member state, where oil exports have ground to a halt.
Foreign firms operating in Venezuela must secure U.S. authorizations to negotiate, plan, or run projects due to Washington’s sanctions. This follows years of state control expansion after former president Hugo Chávez expropriated assets from foreign companies in the 2000s, strengthening state oil firm PDVSA’s dominance.
BP
In 2024, Venezuela granted BP and Trinidad and Tobago’s National Gas Company a license to explore and produce gas from the cross-border Manakin-Cocuina field. However, the U.S. revoked an earlier license in April, stalling progress. BP has not commented on the current status.
Chevron
Chevron chose to remain in Venezuela after Chávez-era reforms, forming joint ventures dominated by PDVSA. It holds stakes ranging from 25% to 60% in five onshore and offshore projects. The company exported up to 150,000 barrels per day of Venezuelan crude to the U.S. in November, dropping to about 100,000 bpd last month. Chevron says it is operating in compliance with all applicable laws.
Chinese Companies
China remains a major buyer and investor in Venezuela’s oil sector. State-owned CNPC and Sinopec have joint ventures in the country, while private firm China Concord Resources Corp had planned to invest over $1 billion to boost output by 2026. None of the companies commented on their current involvement.
ConocoPhillips
ConocoPhillips has long sought to recover about $12 billion linked to the expropriation of its assets during the Chávez era. The company said it is monitoring developments but declined to speculate on future investments.
Eni
Italy’s Eni produces gas from the Perla offshore field, a joint venture with Repsol used mainly for Venezuela’s power generation. Eni said Venezuela owed it $2.3 billion by mid-2025, rising to around $3 billion by the end of the year after the U.S. revoked licenses allowing debt recovery through oil cargoes. The company said operations continue normally.
ExxonMobil
ExxonMobil exited Venezuela after refusing to convert its projects into PDVSA-led joint ventures. In 2023, Exxon said Venezuela owed it nearly $1 billion following international arbitration over expropriated assets. A U.S. court recognized the obligation in September 2025. Exxon declined to comment.
Repsol
Spain’s Repsol holds stakes in several oil and gas projects, including Petroquiriquire and Cardón IV West with Eni. In March 2025, the U.S. revoked Repsol’s operating license in Venezuela. The company says it is owed 586 million euros by the Venezuelan state.
Shell
Shell was set to develop the Dragon gas field with Trinidad and Tobago’s National Gas Company, but the project remains largely frozen. Although the U.S. authorized a restart of planning in October, Venezuela later suspended all energy agreements with Trinidad. Shell declined to comment.
Rosneft
Russia’s state-owned Rosneft has lent Venezuela billions of dollars secured by oil sales and holds stakes in several joint ventures, including Petromonagas and Petrovictoria. Russian media estimate its equity exposure at around $5 billion.
As sanctions tighten and political uncertainty deepens, the future of foreign involvement in Venezuela’s oil sector remains highly uncertain.
