International oil companies in Venezuela

CHEVRON
Negotiated to stay in Venezuela under late President Hugo Chávez and formed joint ventures with state oil company PDVSA. Holds 25-60 % stakes in five oil and gas projects and has been exporting Venezuelan crude to U.S. under sanction authorisations

CONOCOPHILLIPS
Seeking to recover $12bn from assets expropriated under Chávez

BP
BP and Trinidad and Tobago’s National Gas Company (NGC) received licence in 2024 to explore Venezuelan part of Manakin-Cocuina gas field, but U.S. revoked authorisation in April

EXXONMOBIL
No longer has presence, but it says Venezuela owes it $984.5 million in compensation after its oil projects – Cerro Negro and La Ceiba – were expropriated in 2007

ENI / REPSOL
Italy’s Eni and Spain’s Repsol jointly operate Perla offshore gas field in a 50-50 venture. Venezuela owes them billions after U.S. revoked licences allowing repayment via oil cargoes; production continues

SHELL
Planned operation of
Dragon gas field with
Trinidad and Tobago
remains largely frozen
due to licence withdrawals

CHINESE COMPANIES
China is a major investor and oil
buyer in Venezuela. State firms
CNPC and Sinopec maintain joint
ventures in energy sector

ROSNEFT
Russian state oil firm
has loaned Venezuela
billions of dollars
guaranteed by oil sales
and has stakes in several
ventures with estimated
equity value of $5 billion

VENEZUELA
COLOMBIA
TRINIDAD & TOBAGO
CARIBBEAN SEA
Puerto
JoséPuerto
La Cruz
El Palito
San Roque
Bajo Grande
Amuay
Orinoco Belt
Caracas
Manakin-Cocuina
Cerro Negro
La Ceiba
Perla
Dragon
Refineries
Oil fields
Gas fields
Oil pipeline
Gas pipeline
125 miles
200km

Sources: Reuters, FT, World Oil, Chevron, BT, ExxonMobile, Eni, Repsol, Shell
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