Caracas: Venezuela's vast oil reserves are once again attracting the interest of global energy companies following the US military intervention and the capture of President Nicolas Maduro. The intervention has opened the door for Western oil firms to reestablish their foothold in a country that holds the world's largest proven crude oil reserves, estimated at 303 billion barrels.
According to Anadolu Agency - English, the renewed interest from Western oil companies comes after years of US sanctions and financial isolation that severely impacted Venezuela's oil production capacity. These sanctions restricted access to investment and technology, contributing to the deterioration of infrastructure that once served both foreign corporations and the Venezuelan state. As a result, Venezuela's oil output has plummeted from over 3 million barrels per day (bpd) in the late 1990s to between 1-1.2 million bpd by 2025.
Since the 1970s, Venezuela has maintained state control over its oil industry, with policies increasingly enforced under Hugo Chavez in the 2000s. These measures forced foreign oil companies to renegotiate contracts or exit the country, leading to ongoing confrontations with Western firms. This confrontation reached a turning point when former President Donald Trump authorized a military intervention, capturing Maduro and declaring US control over Venezuela's oil sector.
Chevron remains the only major US oil company still operating in Venezuela, holding minority stakes in joint ventures with PDVSA, the state-owned oil company. Chevron's operations primarily focus on exporting oil to the US, with revenues directed toward recovering its debts. By late 2025, Chevron accounted for 20-30% of Venezuela's total production, equivalent to 100,000-150,000 bpd.
Other foreign players in Venezuela include China's CNPC, Spain's Repsol, and Russian firms such as Roszarubezhneft, each holding various stakes in joint ventures with PDVSA. However, US sanctions have led to the departure of several major firms, including ExxonMobil and ConocoPhillips, which left Venezuela after refusing to cede majority control to the state. These companies have since pursued arbitration claims for expropriated assets.
With Maduro's removal, global oil majors are preparing to re-enter Venezuela under a US-backed regime. Analysts suggest that companies like ExxonMobil and ConocoPhillips may seek to resolve their arbitration claims by acquiring new stakes or production rights. Chevron is expected to significantly expand its operations, with plans for substantial investment in Venezuelan oil.
European energy companies such as TotalEnergies, Equinor, and Eni are also seen as potential beneficiaries, despite their previous exits and ongoing disputes. However, any future return to Venezuela is likely to depend on legal guarantees for foreign investors rather than considerations for Venezuelan sovereignty or environmental protections.