What is the current status of international oil firms in Venezuela following Maduro’s capture?
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro.
Former President Hugo Chavez expropriated?assets?from foreign oil companies in the 2000s. This strengthened the state-owned PDVSA control over the oilfields of the country. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate, plan and operate projects in Venezuela. Oil exports from the OPEC nation are at a standstill.
Venezuela has granted BP & Trinidad and Tobago National Gas Company an Exploration and Production Licence for the Venezuelan portion of the cross-border Manakin Cocuina Gas Field, which is yet to be produced. In April, the U.S. revoked the licenses it had previously granted to the two companies. This halted the planning of the project.
BP has not responded to a comment request on the current situation.
CHEVRON In order to comply with Chavez's forced migration to joint ventures controlled by the state oil company PDVSA and to form partnerships with PDVSA, Chevron agreed to remain in the country.
The company has stakes between 25 and 60 percent in five projects onshore and off-shore in Venezuela.
According to data from ship monitoring, Chevron exported approximately 150,000 barrels of crude oil per day (bpd) from Venezuela to the U.S. Gulf Coast last month and around 100,000 bpd in November.
The company claims to be in full compliance with all applicable laws and regulations.
CHINESE COMPANIES China has been a major buyer of oil and an investor in Venezuela's Energy Sector. Sinopec and China National Petroleum Corp, both state-owned companies, have joint ventures with Venezuela. The companies did not respond immediately to questions about their involvement in Venezuela. China Concord Resources Corp, a private company, planned to invest $1 billion last year in two oilfields that would produce 60,000 barrels per day by 2026. Reports indicate that the company was unable to be reached for a comment.
CONOCOPHILLIPS
Conoco has been trying to recover some $12 billion in assets that were expropriated during the Chavez years.
ConocoPhillips monitors developments in Venezuela, and their possible implications for the global energy supply. A spokesperson stated that it would be premature to speculate about future business activities or investments.
Eni, an Italian company, produces gas at the Perla offshore oil and gas field. This is a joint venture between Repsol and Cardon IV. Gas is used to generate electricity in Venezuela. Eni reported that Venezuela owed them $2.3 billion by June 2025. This is more than they owed in 2024. This is due to the decision made by the U.S. government to revoke licenses for recovering money via PDVSA crude cargoes. A source at Eni stated that this amount has increased to $3 billion by 2025.
Eni's spokesperson said that the company is "closely monitoring" the development of the situation. At this time, the operations are continuing as normal.
EXXONMOBIL
ExxonMobil is no longer present in Venezuela after declining to transfer projects into joint ventures with PDVSA.
Exxon claimed that Venezuela owed Exxon $984.5 Million in compensation after lengthy international arbitration proceedings. These cases date back to 2007, when Exxon’s oil projects Cerro Negro y La Ceiba?were expropriated.
In September 2025, a U.S. Court recognized Venezuela's responsibility to pay the amount.
Exxon didn't immediately respond to an inquiry for comment.
REPSOL
Repsol, a Spanish energy company, has stakes in several oil and gas fields, both onshore and off shore, in Venezuela. These include Petroquiriquire, Cardon IV West and Petroquiriquire, which are run by Eni. The U.S. informed Repsol in March 2025 that a license they had granted to the company for operations in Venezuela was?revoked. In a previous agreement, Repsol had agreed to accept oil from PDVSA in order to repay its debt.
Repsol claims Venezuela owes them 586 million Euros ($683.63 millions). On Monday, a spokesperson declined to comment.
SHELL Shell is set to operate the yet to produce Dragon gas field on Venezuelan waters with Trinidad and Tobago’s National Gas Company. The output will be sent to Trinidad for conversion into liquefied gas.
The project is largely frozen. Shell and BP own the Trinidad's Atlantic Liquefied Natural Gas facility. This facility needs more gas.
Venezuela suspended all energy deals with Trinidad after Venezuelan authorities authorized Shell to restart Dragon planning in October.
Shell has declined to comment Monday.
ROSNEFT
According to Russian media, Rosneft, the Russian state oil company, has guaranteed billions of dollars in loans for Venezuela, backed by oil sales. It also owns stakes Petromonagas and Petroperija as well as Boqueron and Petromiranda. The estimated value of these ventures is around $5 billion.
(source: Reuters)
