The capture of Nicolas Maduro by US forces marked a turning point for Venezuela and reactivated a decisive dispute for the energy future: the control and reconstruction of one of the largest oil industries in the world.
Washington accelerated contacts with oil companies and large crude oil marketers to redefine the country’s energy future now led by Delcy Rodríguezwhose reserves represent close to a fifth of the global total, however, right now its production is at historic lows.
USA He made it clear that Venezuelan oil will be a fundamental piece at the central axis of its regional strategy. Under this context, large American oil companies, European trading houses and companies historically linked to Venezuela have returned to the negotiating table.
The oil companies at the table
Chevron It is currently the only major US oil company that maintained operations in Venezuela during the harshest years of sanctions and isolation. Following Maduro’s capture, the United States expects the company to quickly increase its presence in the country. The company participates in at least five joint projects with the state-owned PDVSA, since before the 2019 sanctions, exporting around 150,000 barrels per day.
ExxonMobil is one of the companies that closely observes the political evolution in Venezuela, a country from which it withdrew after the nationalization of its assets during the government of Hugo Chávez. Therefore, the oil company maintains a cautious stance since past experiences and the deterioration of infrastructure make the decision not easy to make; Analysts estimate that rehabilitating pipelines, storage terminals and oil fields could cost around $10 billion annually for at least a decade.
ConocoPhillipslike ExxonMobil, stopped operating in Venezuela following asset expropriations in the 2000s and has spent years seeking to recover compensation estimated in the billions of dollars through international arbitrations. In the context of a Venezuelan transition, ConocoPhillips appears as a possible player in future negotiations, provided that conditions of legal and financial security are established that protect its interests.
The Spanish Repsol has moved to ask US authorities for a license to allow it to resume Venezuelan oil exports, suspended following the embargo imposed the previous year.
The company seeks to reestablish a trade that in the past was structural for part of its regional businesses. It should be noted that the oil company currently produces gas in Venezuela and has a stake in an important oil field.
Shell For his part, he observes the transition process in Venezuela with strategic interest, especially due to his experience in gas and oil projects in complex environments. The company evaluates long-term opportunities, however, it conditions any progress on the existence of a stable regulatory framework, contractual guarantees and a political environment that reduces operational and financial risks.
The Italian Eni se is emerging as a relevant actor due to its history of energy operations in Venezuela, mainly in the gas sector. The Italian oil company believes that an orderly political transition could open space to expand its participation, although its initial approach would be more aimed at consolidating existing projects than at making massive investments without institutional clarity.
Hilcorp It represents the profile of an independent company interested in specific and quickly recoverable assets. Its possible entry into Venezuela responds to an opportunistic strategy, focused on mature or underutilized fields, as long as the new political scenario allows it to operate with clear rules and with the support of the US Government. during the transition process.
Trading houses
Vitolone of the largest commodities trading houses in the world, was invited to the White House to discuss the commercialization of Venezuelan oil. Before the 2019 sanctions, Vitol was one of the most active players in the sale of the country’s crude oil. Recently, the company has received a preliminary license from the United States that allows it to begin negotiations for the import and export of Venezuelan oil for a period of 18 months.
Trafiguraanother large European marketer, was also summoned by the Trump administration. Like Vitol, Trafigura dominated much of the Venezuelan oil trade before the sanctions and has global networks that would facilitate the sale of crude oil.
Oil services
Halliburton and Continental They are located in the services and technical support segment, key to the operational recovery of the Venezuelan oil industry. Both companies could participate in well rehabilitation, drilling, maintenance and modernization of deteriorated infrastructure, with an initial focus on short-term projects.
Refining and downstream
Valero and Marathon Petroleum They do not emerge as producers in Venezuela, but as key downstream players in the United States, because their refineries are designed to process heavy crude oil. Their interest is focused on ensuring a stable and geographically close supply, which fits with Washington’s strategy of redirecting exports towards the United States market.
