Venezuela’s Executive Vice President and Minister of Hydrocarbons, Delcy Rodríguez, during her presentation at Expo Fedeindustria 2025. Photo: Venezuelan Vice Presidency.
Guacamaya, May 29, 2025. Venezuela’s Vice President and Minister of Hydrocarbons, Delcy Rodríguez, stated that oil fields operated in partnership with U.S. and European companies remain in “full production,” despite the Trump administration terminating their licenses from the Department of the Treasury.
On Tuesday, May 27, at 12:01 a.m., the licenses allowing companies such as Chevron, Repsol, Maurel et Prom, and others to operate in Venezuela under sanctions expired.
However, Vice President Rodríguez explained at Fedeindustria that, “At this time, 12:15 p.m. on May 29, the fields of Petroboscan, Petropiar, Petroindependencia, Petrojunin, Petrosucre, Petroquiriquire, and Petroregional del Lago are in full production.”
The names of the joint ventures correspond to those involving Chevron (Petroboscan, Petropiar, and Petroindependencia), Eni (Petrojunin and Petrosucre), Repsol (Petroquiriquire), and Maurel et Prom (Petroregional del Lago).
Unlike the other companies, Italy’s Eni holds a “comfort letter” (sponsorship letter), which provides a certain level of security for its operations in Venezuela, though without the same guarantees as the licenses from the Office of Foreign Assets Control (OFAC).
The Vice President added that “2025 will mark a takeoff for the metallurgical industry, as we are already projecting a growth rate of 165% this year.”
Rodríguez also reported that tax revenue grew by 12% from January to April 2025 compared to the same period in 2024.
According to her presentation as Minister of Hydrocarbons, Venezuela’s “current production” of oil—including condensates and gas liquids—stands at 1,081,000 barrels per day. Additionally, the mentioned operations have the following production levels:
- Petroboscan: 103,000 barrels per day
- Petropiar: 109,000 barrels per day
- Petroindependencia: 34,000 barrels per day
- Petrojunin: 12,000 barrels per day
- Petrosucre: 4,000 barrels per day
- Petroquiriquire: 40,000 barrels per day
- Petroregional del Lago: 20,000 barrels per day
- Cardón IV: 80 billion cubic feet of gas and 15,000 barrels per day of condensate.
