Venezuela’s government has extended an open invitation to international oil companies to continue operations in the country, even as U.S. licenses permitting such activities expire. Executive Vice President and Minister of Hydrocarbons Delcy Rodríguez emphasized that firms operating without foreign government-issued licenses are functioning “at full capacity” and that those previously working under U.S. permits are “welcome to continue participating” under mutually beneficial contracts, according to an official statement.
Rodríguez assured that as of the end of March, Venezuelan oil production remains stable and aligned with the government’s strategic plan for increased output across various fields. She further highlighted that state-run oil giant PDVSA is maintaining domestic gas supply while actively pursuing export partnerships with international firms and strengthening its national refining system.
U.S. Policy Shift Alters Market Dynamics
The landscape for Venezuela’s energy sector shifted dramatically following the decision by U.S. President Donald Trump to revoke special licenses that had allowed select companies to trade Venezuelan crude and derivatives. Affected firms include U.S.-based Global Oil Terminals, Italy’s Eni, France’s Maurel & Prom, and India’s Reliance Industries.
Despite this setback, Rodríguez reaffirmed Venezuela’s “open and ongoing communication” with multinational oil and gas companies operating in the country, emphasizing the government’s commitment to honoring existing agreements and ensuring business continuity.
However, reports from U.S. media indicate that many foreign firms had already begun scaling back Venezuelan crude imports in response to the latest U.S. sanctions. Trump’s imposition of a 25% tariff on Venezuelan oil and gas imports has further complicated matters, prompting companies like Repsol and Reliance—both with significant U.S. operations—to seek explicit authorization to continue working in Venezuela and avoid potential sanctions.
Uncertainty Over Future Operations
With a deadline looming at the end of May for foreign firms to wind down their Venezuelan activities, energy industry executives are assessing their options. Repsol CEO Josu Jon Imaz stated that the company maintains “direct engagement” with the U.S. administration and is exploring possible mechanisms to sustain its presence in Venezuela.
Meanwhile, Spanish Economy Minister Carlos Cuerpo has affirmed that the Spanish government is actively supporting Repsol in its discussions with Washington, seeking pathways to maintain the company’s operations in the South American country.
As Venezuela seeks to stabilize and expand its oil sector, the next few months will be crucial in determining whether international firms choose to remain in the country or withdraw in the face of heightened geopolitical and financial risks.
Source: EL PERIODICO DE LA ENERGIA
