Which company is most likely to keep exports flowing under tight US rules?

Chevron has the clearest defined pathway when an authorization exists, but timing and scope can change quickly. Buyers should plan for contingency destinations and contract flexibility.

What is the most practical way to evaluate an oilfield services contractor in Venezuela?

Focus on local inventory, crew retention, and ability to execute "safety and preservation" work during license limits. Ask for recent in country case studies on well integrity and downtime reduction.

What is the biggest near term risk for offshore gas projects linked to Trinidad?

The main risk is stop start permissions that disrupt surveys, engineering, and payment mechanics. Even a negotiation only window can help, but it does not guarantee execution authority.

How should refiners think about Venezuelan heavy crude supply risk?

Treat supply as logistics constrained rather than geology constrained. The critical items are tanker availability, blending components, and stable loading permissions.

What differentiates upstream operators in Venezuela today?

Operators who can protect asset integrity and manage cash conversion outperform those who only have resource access. Reliability gains often come from disciplined maintenance rather than new drilling.

What early warning indicators should procurement teams track?

Track license language updates, vessel enforcement patterns, and evidence of delayed loadings or rising inventories. Also watch for changes in allowable payment methods and insurance availability.

Top Venezuela Oil And Gas Companies

Petrleos de Venezuela S.A. (PDVSA)

Export reliability has become the defining constraint for PDVSA, the largest firm in this sector. In 2024, its oil sales abroad were reported at about USD 17.5 billion, supported by higher liftings and partner cargoes. Sanctions enforcement and operational disruption now sit in the same risk bucket after a ransomware incident pushed manual procedures across administrative systems. If Washington pressure remains high through 2026, PDVSA may prioritize domestic runs over exports, which protects supply but strains cash. The core strength is resource depth and national reach, while the key weakness is logistics fragility and diluent dependence.

Leaders

Chevron Corp.

License timing is the main operating variable for Chevron, a major player with the clearest legal channel for Venezuela liftings. General License 41B authorized wind down activity tied to its joint ventures through May 27, 2025, with strict limits on destinations and payments. PDVSA also suspended some April 2025 loading windows amid payment uncertainty, showing how quickly flows can break. If a narrower authorization returns, Chevron could focus on maintenance, safety, and selective debottlenecking rather than growth drilling. The upside is disciplined operations and strong buyer pull, while the exposure is sudden compliance reversal and constrained export routing.

Leaders

Eni SpA

Gas linked social importance is central for Eni, a key participant whose Venezuela role is closely tied to domestic supply continuity. In March 2025, Eni said it was notified that it could no longer be repaid for gas it produces in Venezuela through oil supplies from PDVSA. That constraint can squeeze working capital and slow maintenance spend, even if physical production remains needed. If repayment mechanics are clarified, Eni could lift reliability by prioritizing compression and integrity work over step out drilling. The upside is an essential product for households and power, while the downside is cash settlement risk under shifting sanctions guidance.

Leaders

BP plc

Offshore gas optionality is BP's main lever in Venezuela, where it acts as a major player in cross border development concepts. The US revoked licenses for Trinidad Venezuela gas projects in April 2025, directly affecting Shell and BP linked workstreams. If approvals return in stages, BP can prioritize early engineering and tie in planning that reduces time to first gas. The core upside is a high value gas route, while the operational risk is idle survey and contracting costs that cannot be recovered. BP's strength is project delivery experience, while its weakness is a narrow dependence on sanctions safe payment structures.

Leaders

Shell plc

Schedule pull forward is Shell's key story in Venezuela, since a leading company can convert planning speed into earlier gas flows. Reuters reported Shell aimed to start Dragon gas production and send gas to Trinidad by 2026, conditional on US authorization. The US later revoked Trinidad Venezuela gas licenses in April 2025, which increases the chance of delay and redesign. If a negotiation only license returns first, Shell can still lock surveys and routing decisions that lower later execution risk. Strength is deep offshore delivery capability, while the main threat is policy reversal after capital is committed.

Leaders

TotalEnergies SE

Portfolio optionality matters more than assets for TotalEnergies, a large integrated energy firm with limited visible momentum in Venezuela since 2023. The practical differentiation is its ability to reenter quickly if terms stabilize, because it can mobilize project controls and procurement at speed. Sanctions uncertainty raises counterparty and receivables risk, so a conservative stance can preserve long term value. A realistic what if scenario is a short license window that allows technical studies but blocks cash settlement, which delays final decisions. Strength sits in engineering depth, while the key weakness is limited current footprint and low tolerance for policy whiplash.

Established

Repsol SA

Policy signals directly shape Repsol's Venezuela posture, even for a major player with strong regional experience. Washington notified Repsol that its authorization to export oil from Venezuela would be revoked effective May 27, 2025, tightening the operating envelope. That shift weakens planning confidence for turnarounds and expansion drilling, so the base case becomes asset integrity and safe decline management. If a negotiated framework returns, Repsol could prioritize gas linked stability over oil growth to reduce political friction. The strength is local operating history, while the primary risk is stop start permissions that disrupt suppliers and field crews.

Established

China National Petroleum Corp. (CNPC)

Operating visibility is limited for CNPC, a Chinese state operator with legacy joint venture exposure in Venezuela. The main differentiator is its ability to pair technical support with state backed trade relationships when channels are open. Regulatory tightening raises the probability that activity stays focused on preservation rather than development. A realistic what if is a renewed barter style structure that restores parts and services but restricts cash, which delays capacity additions. Strength is long horizon patience, while weakness is opaque execution signals that make partner alignment and scheduling harder.

Established

Schlumberger NV

Service continuity is the key value point for Schlumberger NV, a leading vendor where Venezuela work depends on strict compliance boundaries. OFAC General License 8O authorized limited maintenance or wind down activity involving PDVSA for Schlumberger and peers through May 9, 2025. If a similar structure returns, Schlumberger can target well integrity and artificial lift reliability, which lifts output without large new drilling. The main risk is workforce rotation constraints and parts logistics. The strength is technical breadth across completion and production, while the weakness is inability to fully deploy tools under tight license language.

Performers

Baker Hughes Co.

Oilfield equipment availability can become a bottleneck faster than rigs, which is why Baker Hughes Co. remains a leading vendor even under constraints. OFAC General License 8O covered Baker Hughes for limited maintenance or wind down activity tied to PDVSA through May 9, 2025. If permissions stabilize, Baker can focus on rotating equipment and emissions related upgrades that reduce unplanned downtime. The what if scenario is a short extension that allows safety work only, which delays performance projects. Strength is equipment and services integration, while weakness is restricted ability to expand scope beyond preservation tasks.

Performers

Halliburton Co.

Operational resilience often depends on basic maintenance execution, where Halliburton is a key contractor with disciplined processes. OFAC General License 8O authorized limited maintenance or wind down activity involving PDVSA for Halliburton through May 9, 2025. If similar terms return, Halliburton can deliver quick reliability gains by standardizing well service routines and reducing repeat failures. A realistic what if is a compliance shift that blocks new materials imports, forcing a focus on local inventory and training. Strength is execution speed and field management, while weakness is constrained scope that limits higher impact redesign work.

Performers

NGC (Trinidad & Tobago)

Cross border gas integration is the real differentiator for NGC, a major distributor whose outcomes depend on Venezuela offshore progress. Reuters described the Dragon project targeting exports to Trinidad, with timing tied to US license renewal. The US later issued a six month negotiation window for Trinidad to pursue a gas deal with Venezuela, which can keep talks alive even without full execution authority. If a phased approval returns, NGC can prioritize pipeline and metering readiness to shorten time to first gas. Strength is downstream pull and infrastructure linkage, while weakness is dependence on cross border politics and sanctions compliance.

Performers

NK Rosneft PAO

Contract continuity remains the hardest issue for NK Rosneft PAO, given the way Russian linked structures have been reshuffled under sanctions. Venezuela approved extensions for Russia linked joint ventures that trace back to earlier Rosneft positions, highlighting ongoing political support for Russian participation. Even so, operating throughput appears constrained, so near term value depends on maintenance quality and export workarounds. If secondary sanctions tighten again, the likely path is holding assets in a care and maintenance mode. The strength is deep heavy oil know how, while the weakness is restricted trade access and limited transparent cash pathways.

Aspirants

China Petroleum & Chemical Corp. (Sinopec)

Asset rationalization is the clearest signal around Sinopec's Venezuela footprint, rather than expansion. In February 2025, Amos Global Energy said it signed an agreement to buy Sinopec's oil and gas interests in the PetroParia venture, subject to approvals. If that transfer closes, Sinopec's in country role likely shifts from operator to legacy stakeholder management. The upside is reduced compliance exposure, while the downside is loss of optionality if conditions improve. A credible operational risk is stranded equipment and staff transitions during approvals. The strength is engineering scale, while the weakness is limited current commitment in Venezuela.

Aspirants

ONGC Videsh Ltd.

Cash recovery is a primary strategic driver for ONGC Videsh, an Indian state owned overseas operator with dividends tied up by sanctions. In July 2024, it sought a US waiver to take oil cargoes in lieu of about USD 600 million in dividends linked to its Venezuela interests. If a waiver path opens, ONGC Videsh can convert trapped value into barrels, which improves reinvestment capacity. The key risk is extended delays that push partners to defer maintenance and lose production. Strength is long term asset holding discipline, while weakness is dependence on external approvals for basic cash conversion.

Aspirants

Maurel & Prom

License fragility has already translated into concrete operating limits for Maurel & Prom, a French independent producer in Venezuela. In March 2025, the company said OFAC revoked its specific authorization and granted a wind down period until May 27, 2025. That timing can push a shift from growth work to maintenance only spending, which protects assets but reduces volumes. If a new framework emerges, Maurel & Prom could focus on reliability and water handling first, because it yields quicker gains than drilling. The strength is focused field execution, while the weakness is high dependence on narrow permissions for export and cash settlement.

Aspirants

Belorusneft

Public signals for Belorusneft in Venezuela have been sparse since 2023, which keeps execution risk elevated. The company's practical advantage is willingness to operate in hard environments, but limited transparency makes partner coordination harder. If sanctions pressure increases further, the most likely role is technical assistance rather than capital deployment. A plausible what if is a small pilot restart tied to a government to government arrangement that cannot scale. Strength is persistence and field pragmatism, while weakness is limited visible access to equipment, insurance, and export routes.

Aspirants

Weatherford Intl.

Field level problem solving is Weatherford's core edge in Venezuela, where a key contractor can keep mature wells producing with limited new capex. OFAC General License 8O also covered Weatherford for limited maintenance or wind down activity involving PDVSA through May 9, 2025. If future authorizations stay narrow, Weatherford's best path is targeted workovers and integrity checks that fit inside "safety or preservation" language. The risk is parts scarcity, which can strand rigs and tools in country. Strength is mature field servicing capability, while weakness is exposure to stop start contracting cycles that erode crew productivity.

Aspirants

Reliance Industries Ltd.

Trading optionality is Reliance's main lever, since it sits closer to crude flows than to field execution. Reuters reported in March 2025 that authorizations for foreign partners and buyers, including Reliance, were set for cancellation or tightening. If approvals reopen, Reliance can resume selective intake or swap style arrangements that help Venezuela place heavy barrels and access blending components. The key risk is secondary penalties that disrupt shipping and insurance. Strength is downstream flexibility, while weakness is limited control over upstream reliability and loading schedules.

Aspirants

Gazprom PJSC

Strategic relevance is mostly political for Gazprom PJSC in Venezuela, with limited recent operational visibility. The firm's advantage is deep gas engineering, yet cash settlement and equipment movement remain hard under sanctions pressure. A realistic what if is a small technical cooperation package tied to bilateral agreements, but without scalable investment. The primary operational risk is stranded commitments that cannot be executed due to shipping and payments. Strength is technical depth in gas systems, while weakness is low near term ability to deploy capital and crews inside Venezuela.

Aspirants

Venezuela Oil And Gas Companies: Leaders, Top & Emerging Players and Strategic Moves

Top 5 Venezuela Oil And Gas Companies

Venezuela Oil And Gas Companies Matrix by Mordor Intelligence

MI Competitive Matrix for Venezuela Oil And Gas

Analysis of Venezuela Oil And Gas Companies and Quadrants in the MI Competitive Matrix

Petrleos de Venezuela S.A. (PDVSA)

Chevron Corp.

Eni SpA

BP plc

Shell plc

TotalEnergies SE

Repsol SA

China National Petroleum Corp. (CNPC)

Schlumberger NV

Baker Hughes Co.

Halliburton Co.

NGC (Trinidad & Tobago)

NK Rosneft PAO

China Petroleum & Chemical Corp. (Sinopec)

ONGC Videsh Ltd.

Maurel & Prom

Belorusneft

Weatherford Intl.

Reliance Industries Ltd.

Gazprom PJSC

Frequently Asked Questions

Methodology

Analysis of Leading Venezuela Oil And Gas Companies