Here are the key details about international oil companies operating in Venezuela, a country with the world’s largest oil reserves facing a crisis after President Nicolas Maduro’s capture by U.S. forces.
Background
In the 2000s, late President Hugo Chávez expropriated assets from several foreign companies, strengthening state-owned PDVSA’s control over Venezuela’s oil fields.
Current Situation
Due to U.S. sanctions, international companies must obtain U.S. authorizations for negotiations, planning, and operations in Venezuela. The country’s oil exports are currently frozen.
BP
In 2024, Venezuela granted BP and the National Gas Company of Trinidad and Tobago an exploration and production license for the Venezuelan portion of the transboundary Manakin-Cocuina gas field, which remains unproduced.
The U.S. revoked a previous license granted to the two companies in April, halting project planning.
BP did not respond to a request for comment on the current situation.
Chevron
As part of Chávez’s forced migration towards joint ventures dominated by PDVSA, Chevron negotiated to remain in the country and form partnerships with PDVSA.
It holds stakes ranging from 25% to 60% in five onshore and offshore projects in Venezuela.
Chevron exported approximately 150,000 barrels per day of Venezuelan crude to the U.S. Gulf Coast in November, and 100,000 bpd the previous month, according to vessel tracking data.
The company asserts that it continues to operate in compliance with all relevant laws and regulations.
Chinese Companies
China is a significant buyer of Venezuelan oil and an investor in the country’s energy sector. State-owned China National Petroleum Corporation (CNPC) and Sinopec have joint ventures in Venezuela. They did not respond immediately to queries about their involvement in the South American nation.
Private firm China Concord Resources Corp planned to invest over $1 billion in two oil fields to produce 60,000 bpd by the end of 2026, according to Reuters. The company could not be reached for comment.
ConocoPhillips
Conoco has been trying for years to recover around $12 billion from the expropriation of its assets during Chávez’s era.
“ConocoPhillips is closely monitoring events in Venezuela and their potential implications for global energy supply and stability. It would be premature to speculate about future business activities or investments,” a spokesperson stated.
Eni
Italian firm Eni produces gas in the offshore Perla field, a 50/50 joint venture with Repsol and operated by local firm Cardón IV. The gas production is used for electricity generation in Venezuela.
Eni said that Venezuela owed it $2.3 billion as of June 2025, more than in 2024, due to the U.S. administration’s March 2025 decision to revoke all licenses for recovering the overdue amount through PDVSA crude cargoes.
“Eni is closely following the situation; for now, there are no impacts on operations, which continue regularly,” an Eni spokesperson said.
ExxonMobil
ExxonMobil no longer has a presence in Venezuela after declining to migrate projects to joint ventures with PDVSA.
In 2023, Exxon said Venezuela owed it $984.5 million in settlement following lengthy international arbitration cases initiated in 2007 when Exxon’s Cerro Negro and La Ceiba oil projects were expropriated.
A U.S. court recognized Venezuela’s obligation to pay the sum in September 2025.
Exxon did not respond immediately to a request for comment.
Repsol
Spanish energy firm Repsol has stakes in a mix of onshore and offshore oil and gas fields in production and yet-to-be-produced status in Venezuela, including Petroquiriquire and Cardón IV Oeste, operated with Eni.
In March 2025, the U.S. informed Repsol of the revocation of a license that had allowed it to operate in Venezuela. Under a prior permit, Repsol agreed to receive PDVSA oil as payment for the outstanding debt.
Repsol claims Venezuela owes it €586 million ($683.63 million), and a spokesperson declined to comment on Monday.
Shell
Shell was set to exploit the unproduced Dragon gas field in Venezuelan waters alongside the National Gas Company of Trinidad and Tobago, with production destined for Trinidad to be converted into liquefied natural gas.
However, the project remains largely frozen. Shell and BP are shareholders in Trinidad’s Atlantic LNG facility, which requires more gas supply.
In October, the U.S. government authorized Shell and Trinidad to restart Dragon planning, but Venezuela later suspended all energy agreements with Trinidad.
Shell declined to comment on Monday.
Rosneft
Russian state-owned oil company Rosneft has provided Venezuela with billions of dollars in guaranteed loans backed by oil sales and also holds stakes in companies such as Petromonagas, Petroperija, Boquerón, Petromiranda, and Petrovictoria, estimated to be worth around $5 billion, according to Russian media.
