Venezuela'nın petrol canlanması ABD'nin umduğundan daha yavaş

Venezuela’s Oil Revival Is Slower Than the U.S. Hoped

Tsvetana Paraskova

Tue, August 25, 2026 at 2:00 AM GMT+3 4 min read

More than half a year after the U.S. captured and extracted Nicolas Maduro from Venezuela, the biggest American oil firms haven't returned to operating oilfields in the world's largest oil reserves holder.

Chevron, which has operated in Venezuela throughout Maduro's reign, is extracting and exporting oil to the U.S., but neither ExxonMobil nor ConocoPhillips have returned as negotiations led by Venezuela's state oil firm PDVSA are not progressing as fast as the U.S. Administration probably thought in January when it extracted Maduro and hailed the big U.S. return to Venezuela's oil industry.

There have been some deals signed in recent months, with service providers and smaller American oil companies, which seem more willing to take the risks of operating in the country, which has yet to see a stable political and fiscal environment for large-scale operations.

Earlier this month, Venezuela signed deals with oilfield service major SLB and Hunt Oil Co. as part of efforts to boost investment in its key energy industry, the country's oil minister, Paula Henao, said.

Related: The 60 Day Peace Window Closed, and Trump's Iran Strategy May Shift Dramatically

The agreement with SLB follows earlier reports about the oilfield services company sealing a long-term deal with the Venezuelan government to reverse a major decline in oil production and modernize the country's oil industry.

Hunt Oil Company, for its part, said it was one of the first American companies to sign an agreement with PDVSA to help expand Venezuela's oil and gas production.

"We're proud to play a constructive role in revitalizing and growing the country's oil and gas production," said Hunter Hunt, CEO of Hunt Oil Company.

While smaller U.S. oil companies moved to sign deals with Venezuela's PDVSA, Exxon and ConocoPhillips are taking their time.

Negotiations have reportedly hit a snag in recent weeks, the Wall Street Journal reported at the end of July, citing sources with knowledge of the talks. The setbacks in the negotiations include U.S. firms seeking the most lucrative fiscal terms for prized acreage in the Orinoco Belt, and PDVSA, with which talks are being held, not in a position to guarantee political and fiscal stability going forward, according to the Journal's sources.

U.S. oil executives acknowledge the potentially huge prize of Venezuela's oil, but they are not jumping into the unknown.

Another small and private U.S. oil company, California-based Pacific Coast Energy, also seeks a piece of Venezuela's oil. Pacific Coast, backed by European investors, is finalizing an agreement with PDVSA and the Venezuelan government under the administration of Acting President Delcy Rodríguez that would enable the company to develop and operate oil fields in the country.

Pacific Coast Energy has more than 30 years of heavy crude expertise and has already raised $800 million in equity, debt, and trade finance to fund initial operations in Venezuela, it said.

"Establishing a presence in Venezuela aligns with PCEC's core capabilities and strategic focus on heavy oil extraction and the rejuvenation of mature, low-decline oil fields," Klaus Hasbo, CEO of Pacific Coast Energy Company, said at the end of July.

The company, however, has faced hurdles to signing the definitive deal.

The heirs of Oswaldo Cisneros, the biggest business dynasty in the country, which has been doing business in Venezuela's telecoms, infrastructure, media, and consumer and healthcare products, are contesting the ownership of some oilfields for which Pacific Coast Energy is negotiating.

The Cisneroses have diversified into oil in recent years and claim the current Venezuelan government "stripped" the family's vehicle company DP Delta Finance BV of assets and operational control of some oilfields through an "arbitrary sanctioning" process. The dynasty claims $2 billion in losses due to what they say was an illegal process to revoke their rights to the oilfields and transfer them to Pacific Coast Energy Company.

These contested assets and procedures are complications that Big Oil – which has been stripped of oil assets in nationalizations in Venezuela through the decades – would want to avoid in their return to operating in the country holding the world's biggest oil resources.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com

Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else.

You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here.