"What's the status of international oil companies in Venezuela after Maduro's capture?", 06 January 2026

...Today, foreign firms must obtain U.S. authorizations to negotiate, plan, and operate projects in Venezuela due to Washington's sanctions...

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...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...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..."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...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...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...Shell declined to comment on Monday.

ROSNEFT

Russian state oil firm Rosneft has loaned Venezuela billions of dollars guaranteed by oil sales...