Venezuela’s oil industry is dominated by the state company PDVSA , but there are also several foreign oil companies active there through joint ventures and other projects. The landscape has changed over time with nationalizations, sanctions, and new political developments, so the mix of companies and the scale of their operations continues to evolve.

Main oil companies in Venezuela

  • Petróleos de Venezuela S.A. (PDVSA) – The national oil company; it controls the vast majority of exploration, production, refining, and exports in the country. PDVSA is the key partner for virtually all foreign companies operating in Venezuelan oil and gas.
  • Chevron Corporation (USA) – The most prominent U.S. major still involved, operating through joint ventures with PDVSA in producing fields and heavy oil projects.
  • TotalEnergies SE (France) – Participates in upstream projects focused on heavy crude production in Venezuela.
  • Rosneft / related Russian interests – Russian state‑linked entities have been active in upstream heavy crude projects and financing arrangements with PDVSA.
  • Repsol SA (Spain) – Has long‑standing upstream and some refining interests via partnerships with PDVSA.
  • Eni SpA (Italy) – Involved in upstream projects, generally as a partner in joint ventures with PDVSA.
  • Chinese state companies (CNPC, Sinopec) – China National Petroleum Corporation and China Petroleum & Chemical Corporation (Sinopec) participate in heavy crude and other upstream ventures, backed by state financing.
  • ONGC Videsh (India) – The overseas arm of India’s ONGC has interests in Venezuelan upstream blocks.
  • Other service and partner firms – International service and project partners listed in the Venezuelan oil and gas market include companies such as Schlumberger, Baker Hughes, Halliburton, Maurel & Prom, and Belorusneft, among others.

Context and latest developments

  • Venezuela still has some of the world’s largest proven oil reserves, but production has been severely constrained by underinvestment, sanctions, and infrastructure decay.
  • Recent political changes and announcements from Washington suggest a push for large U.S. oil companies to invest “billions” in rebuilding Venezuela’s energy sector, though analysts highlight that damaged infrastructure and legal uncertainties could slow any rapid rebound.

Key takeaways for “what oil companies are in Venezuela”

  • The core answer is that PDVSA plus a cluster of major foreign partners (Chevron, TotalEnergies, Rosneft‑linked entities, Repsol, Eni, CNPC, Sinopec, ONGC Videsh) are or have recently been active in Venezuela’s oil sector, mostly via joint ventures.
  • The exact roster and level of activity can shift quickly with sanctions, contracts, and policy changes, so any list is a snapshot rather than a fixed set of companies.

Information gathered from public forums or data available on the internet and portrayed here.