Venezuela is experiencing a profound redefinition of its oil industry and its integration into the global economy. The suspension and review of contracts signed in recent years, the increase in exports following sanctions relief, renewed interest from major energy companies, and diplomatic approaches with the United States, Europe, and regional actors are shaping a new scenario for the country. Under the leadership of interim President Delcy Rodríguez and with Petróleos de Venezuela S.A. (PDVSA) as the operational core, Caracas is attempting to recover production, financing, and investment, while reports from Reuters and other agencies highlight that the country’s ultimate path will depend on political stability, legal certainty, and the evolution of relations with the administration of Donald Trump. Photograph: X/ Miraflores Al Momento.
Guacamaya, February 27, 2026. Venezuela is undergoing a rapid reconfiguration of its energy sector and international economic relations, marked by sanctions relief, the return of major oil companies, the review of contracts signed during years of isolation, and new negotiations with Washington and Europe. While the interim government led by Delcy Rodríguez seeks to attract investment and reactivate production, Petróleos de Venezuela S.A. (PDVSA) maintains operations amid audits, diplomatic tensions, and regulatory changes. Reports from Reuters and other international agencies reveal a complex scenario in which U.S., European, Asian, and regional companies converge, fueled by an energy agreement with the administration of Donald Trump that could redefine Venezuela’s role in the global oil market.
Suspension of production-sharing contracts under international review
Chinese, U.S., South American, and Venezuelan companies are among the actors that accepted production-sharing contracts for oil and gas in Venezuela, according to sources cited by Reuters.
The Venezuelan Ministry of Hydrocarbons reportedly suspended 19 of these contracts signed during President Nicolás Maduro’s government. Sources indicated that the suspension has not, so far, affected hydrocarbon production levels.
During the interruption, Petróleos de Venezuela S.A. (PDVSA) continues selling crude produced under these agreements. Authorities from Venezuela and the United States are reviewing the contracts and evaluating the possible revocation of some, particularly because several of the companies involved are little known and the agreements were signed during the period of U.S. sanctions.
- Projects under review include:
- Production in Lake Maracaibo
- Expansion in the Orinoco Belt
- Exploitation of smaller mature oil fields
Oil agreement with the United States drives exports and multibillion-dollar sales
Sales of Venezuelan oil under the energy agreement between Caracas and Washington could reach $2 billion by the end of February, according to U.S. Secretary of Energy Chris Wright.
Approximately 40 million barrels are expected to have been sold at about $50 per barrel, with growing shipments to Asia and Europe. Additionally, independent Chinese refineries — previously restricted from importing sanctioned crude — can now purchase Venezuelan oil on the open market.
Exports to the United States have risen significantly, from 99,000 barrels per day in December to about 284,000 barrels per day in January, according to tanker monitoring data.
Aramco, Chevron, and U.S. refineries resume Venezuelan crude purchases
The U.S. commercial division of Saudi Aramco acquired a shipment of heavy Boscán crude for March delivery, marking its first purchase of this type from Venezuela.
The shipment was sold by Chevron and will be processed by Motiva Enterprises, owner of the largest U.S. refinery in Port Arthur, Texas. Aramco became Motiva’s exclusive supplier after acquiring its trading division in 2023.
Other U.S. refineries — including Valero Energy, Phillips 66, and Citgo Petroleum — have also resumed purchases.
In addition, traders Trafigura and Vitol are exporting Venezuelan crude under U.S. licenses, as part of an agreement to market up to 50 million barrels.
Meeting with Shell and new energy investment opportunities
Interim President Delcy Rodríguez met with senior Shell executives at the Miraflores Palace to explore partnerships aimed at:
- Reactivating oil wells
- Developing gas fields
- Attracting new investment
Global and regional executives participated, alongside Venezuelan hydrocarbon authorities.
New U.S. licenses allow British companies Shell and BP to advance operations with PDVSA under OFAC General License No. 50, particularly in natural gas.
Projects aim to extend operations from offshore fields in Trinidad and Tobago into Venezuelan waters, reviving earlier integration agreements between the two countries.
This process had deteriorated after diplomatic tensions with Prime Minister Kamla Persad-Bissessar, whom Caracas accused of allowing U.S. military presence in Port of Spain. However, the situation changed after a military incursion in Venezuela and Maduro’s detention, opening the door to possible bilateral dialogue supported by these companies and U.S. interest.
Fuel station crisis due to minimal profit margins
The National Federation of Hydrocarbon Entrepreneurs Associations (Fenegas) declared an emergency in the gas station sector due to low profitability.
Currently:
- Some stations sell gasoline at $1 per liter
- Others maintain a subsidized price of $0.50
- Some charge in bolívars equivalent to only $0.02
Sources told Reuters that operators earn only one cent per liter, insufficient to cover operating costs. Sales have dropped since the price increase, reflecting the limited purchasing power of the population.
Eni can receive payment in oil and expand production
Claudio Descalzi, CEO of Eni, reported that Venezuela could pay for gas with oil thanks to sanctions relief. The country owes the company around $3 billion.
The gas comes mainly from the offshore Perla, key for national electricity generation.
Eni also participates in the Corocoro oil field and is exploring production increases via partnerships with U.S. companies. Part of the gas could be exported to Europe as an alternative to Russian supply.
Venezuela as an alternative to russian gas supply
Since the start of the war in Ukraine in 2022, the European Union has sought to reduce its dependence on Russian hydrocarbons to guarantee energy security and limit the use of gas as a geopolitical tool.
In this context, Venezuela emerges as a potential alternative supplier. Gas from the Perla offshore field, previously destined primarily for domestic electricity generation, could be redirected to European markets. This would diversify the continent’s supply sources and reduce the impact of sanctions and restrictions on Russia, offering companies like Eni a strategic advantage in availability and price.
However, challenges remain. Liquefaction and transportation infrastructure require investment and international coordination, in a context where U.S. sanctions still apply to several Venezuelan energy projects. Recent licensing relief allows Western companies to participate, but political and legal stability in Venezuela will be crucial to ensure reliable gas flows.
Geopolitically, this development reinforces Latin America’s relevance in global energy security and positions Venezuela as a strategic actor capable of offering alternative supplies amid Eurasian crises. It also positions the Caribbean nation as a key player in Europe’s energy landscape, where competition for reliable natural gas has intensified due to the Ukraine war and the realignment of alliances among the U.S., EU, and Russia.
Furthermore, this aligns with Washington’s agenda, which has sought to leverage Venezuela’s energy potential to pressure Russia. An example is the tariff agreement with India, which has increased reliance on sanctioned Russian oil in recent years and has begun acquiring Venezuelan crude to diversify sources — a move encouraged by the Trump administration to push Moscow-Kyiv negotiations.
Saipem ready to return after sanctions relief
Italian oilfield services company Saipem announced readiness to resume operations in Venezuela once demand arises, after years of restrictions.
CEO Alessandro Puliti indicated that new tenders and contracts are expected as the environment stabilizes. The company projects operating revenues near €1.9 billion (approximately $2.2 billion) in 2026.
Diplomatic approaches with Italy and the European Union
In the same vein, Delcy Rodríguez also met with Italian Foreign Minister Antonio Tajani on economic and commercial cooperation.
Meanwhile, Venezuela’s Deputy Foreign Minister for Europe and North America, Oliver Blanco, held meetings with the EU delegation in Caracas to deepen bilateral cooperation.
Venezuelan bonds back on major banks’ radar
Financial institutions such as JPMorgan Chase and Bank of America see Venezuelan bonds — trading near 20 cents on the dollar — as an opportunity due to accrued interest since 2017.
However, their valuation depends on a resolution of the political crisis and the lifting of financial sanctions.
Colombia promotes productive integration with Venezuela
Carlos Luna, director of ProColombia in Venezuela, invited Colombian entrepreneurs to invest in the country, leveraging industrial capacity above 45%.
Priority sectors include energy, manufacturing, plastics, chemicals, and steel. Bilateral trade has grown 220% since the border reopening in 2022.
Halliburton asset auction canceled to facilitate return
Recently, Venezuela canceled the auction of seized Halliburton assets following mediation by the administration of Donald Trump.
The measure aims to pave the way for the company’s return, which exited Venezuela in 2020 due to sanctions. CEO Jeff Miller indicated that operations could resume quickly if legal and payment protections are secured.
Energy cooperation with Africa
Delcy Rodríguez also met with representatives of the African Energy Chamber to explore synergies between Venezuelan hydrocarbon experience and African energy potential.
Domestic economic outlook and business expectations
The Caracas Chamber of Commerce has “very high” expectations for 2026 amid potential international investment flows resulting from negotiations between Caracas and Washington.
Business leaders see formalizing employment and restoring fair wages as key to stabilizing the domestic market.
A country in energy and geopolitical transition
The combination of contract reviews, sanctions relief, the return of international companies, diplomatic tensions, and internal reforms sketches a scenario of deep reconfiguration for Venezuela.
As the country seeks to recover productive capacity and attract foreign capital, the success of this process will depend on internal and international political, legal, and economic factors.
