Reuters
Here we present key data on international oil companies in Venezuela, a country with vast oil reserves but a deteriorated energy infrastructure. By Reuters In the 2000s, then-President Hugo Chávez expropriated assets from several foreign oil companies, strengthening state-owned PDVSA's control over the country's oil fields. Following President Nicolás Maduro's capture in January, the United States eased sanctions on Venezuela's energy sector this month, issuing general licenses allowing global energy companies to operate oil and gas projects in the OPEC member country. [...]
TL;DR
- The US has issued general licenses allowing global energy companies to operate oil and gas projects in Venezuela.
- BP and the National Gas Company of Trinidad and Tobago received a license for the Manakin-Cocuina gas field.
- Chevron operates four joint ventures with PDVSA, producing 240,000-250,000 barrels per day of heavy crude.
- Chinese state-owned and private companies are significant buyers and investors in Venezuela's energy sector.
- ConocoPhillips is seeking to recover approximately $12 billion from the expropriation of its assets.
- Italian company Eni produces gas in the Perla offshore field, with Venezuela owing them significant amounts.
- ExxonMobil, which previously deemed Venezuela uninvestable, is in discussions with the Venezuelan government.
- French oil producer Maurel & Prom is developing the Urdaneta Oeste field.
- Repsol holds stakes in various oil and gas fields and is owed substantial amounts by the Venezuelan state.
- Shell's Dragón gas field project remains stalled, though a recent US authorization allows planning to resume.
- Russian oil giant Rosneft sold its stakes in Venezuelan projects in 2020 due to US sanctions risk.