LONDON, Jan 5 (Reuters) – Here are key facts about international oil companies in Venezuela, a country with the world’s largest oil reserves thrown into crisis by the capture of President Nicolas Maduro by U.S. forces.
In the 2000s, former President Hugo Chávez expropriated assets from several foreign oil companies, strengthening state-owned PDVSA’s control over the country’s oilfields.
Today, foreign firms must obtain U.S. authorizations to negotiate, plan, and operate projects in Venezuela due to Washington’s sanctions. The OPEC country’s oil exports are now at a standstill.
BP
In 2024, Venezuela granted BP and Trinidad and Tobago’s National Gas Company an exploration and production licence for the Venezuelan part of the yet-to-produce cross-border Manakin-Cocuina gas field.
The U.S. in April revoked a previous license it had given the two companies, which stalled the project’s planning.
BP did not reply to a request for comment on the current situation.
CHEVRON
As part of Chavez’s enforced migration to joint ventures dominated by state oil company PDVSA, Chevron negotiated to stay in the country and form partnerships with PDVSA.
It owns stakes of between 25% and 60% in five onshore and offshore projects in Venezuela.
Chevron exported around 150,000 barrels per day of crude from Venezuela to the U.S. Gulf Coast in November, and some 100,000 bpd last month, according to ship monitoring data.
The company says it continues to operate in compliance with all relevant laws and regulations.
CHINESE COMPANIES
China is a major oil buyer and investor in Venezuela’s energy sector. State-owned China National Petroleum Corp and Sinopec have joint ventures in Venezuela. They did not immediately respond to queries on their Venezuela involvement.
Private company China Concord Resources Corp planned last year to invest more than $1 billion in two oilfields to produce 60,000 bpd by the end of 2026, Reuters reported. The company could not be reached for comment.
CONOCOPHILLIPS
Conoco for years has tried to recover some $12 billion from the expropriation of its assets in the Chavez era.
“ConocoPhillips is monitoring developments in Venezuela and their potential implications for global energy supply and stability. It would be premature to speculate on any future business activities or investments,” a spokesperson said.
ENI
Italy’s Eni produces gas from the Perla offshore field, which is a 50-50 joint venture with Repsol and is operated by the local company Cardón IV. Gas output is used for Venezuela’s electricity generation.
Eni said Venezuela owed it $2.3 billion as of June 2025, more than in 2024, due to the March 2025 decision of the U.S. administration to revoke all licenses to recover money owed via PDVSA crude oil cargoes.
“Eni is closely monitoring the evolution of the situation; at present, there are no impacts on operations, which are proceeding regularly,” an Eni spokesperson said.
EXXONMOBIL
ExxonMobil no longer has a presence in Venezuela, after it declined to migrate projects to joint ventures with PDVSA.
In 2023, Exxon said Venezuela owed it $984.5 million in compensation following lengthy international arbitration cases. The cases stemmed from 2007, when Exxon’s oil projects Cerro Negro and La Ceiba were expropriated.
A U.S. court in September 2025 recognized Venezuela’s obligation to pay the sum.
Exxon did not immediately respond to a request for comment.
REPSOL
Spanish energy firm Repsol holds stakes in a mix of producing and yet-to-produce onshore and offshore oil and gas fields in Venezuela, including Petroquiriquire and Cardón IV West, which it runs with Eni.
In March 2025, the U.S. told Repsol a license it had granted the company to operate in Venezuela had been revoked. Under a previous permit, Repsol agreed to receive oil from PDVSA as debt repayment.
Repsol has said Venezuela owes it 586 million euros ($683.63 million). A spokesperson declined to comment on Monday.
SHELL
Shell was set to operate the yet-to-produce Dragon gas field in Venezuelan waters together with Trinidad and Tobago’s National Gas Company
However, the project remains largely frozen. Shell and BP are shareholders in Trinidad’s Atlantic LNG facility, which needs increased gas supplies.
In October, the U.S. government authorized Shell and Trinidad to restart planning for Dragon, but Venezuela later suspended all energy agreements with Trinidad.
Shell declined to comment on Monday.
ROSNEFT
Russian state oil firm Rosneft has loaned Venezuela billions of dollars guaranteed by oil sales and also has stakes in ventures such as Petromonagas, Petroperija, Boqueron, Petromiranda and Petrovictoria, with estimated equity value of around $5 billion, according to Russian media.
($1 = 0.8572 euros)
(Reporting by Shadia Nasralla, Stephanie Kelly, Francesca Landini, Marianna Parraga, Jesus Calero, Dmitry Zhdannikov; Editing by Ros Russell)
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