Several major international oil companies operate in Venezuela today, almost all of them through joint ventures with the state oil company PDVSA rather than as fully independent operators.

Main foreign companies

  • Chevron (USA) – By far the most significant foreign operator, producing around 250,000 barrels per day through multiple joint ventures with PDVSA in the Orinoco Belt and western Venezuela.
  • Eni (Italy) – Operates gas and liquids projects (for example, Perla) in cooperation with PDVSA, historically under swap and debt-repayment schemes.
  • Repsol (Spain) – Participates in upstream projects and mixed companies with PDVSA, often focused on heavy crude and gas.

Other international players (recent or prospective)

  • CNPC / PetroChina (China) – Has been a key partner in Orinoco heavy oil projects and a major buyer of Venezuelan crude, though direct operations have fluctuated with sanctions and politics.
  • Rosneft-linked ventures / Russian interests – Russian entities have held stakes in several PDVSA joint ventures and in trading arms, though some assets have been reshuffled or rebranded due to sanctions pressure.
  • Smaller or re‑entering U.S. and international firms – Companies such as ExxonMobil and ConocoPhillips do not currently have large producing operations but are closely watching policy changes and potential openings for future investment or arbitration-linked deals.

How operations are structured

  • Almost all foreign companies operate via “empresas mixtas” (mixed companies) where PDVSA holds a controlling stake and the foreign firm provides capital, technology, and operational know‑how.
  • Changes in U.S. and European sanctions since 2019 mean that which firms can actively lift and export oil from Venezuela depends heavily on time‑limited licenses and political developments.

Quick context for “latest news”

  • As of early 2026, Chevron remains the only foreign company with large, continuous production in Venezuela and is central to plans to revive output under the current U.S.–Venezuela policy framework.
  • Political shifts in Caracas and Washington are opening the door for more U.S. and allied companies to enter or expand, but many are still in a “wait‑and‑see” mode due to legal and political risk.

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