Repsol alone reported net capital exposure in Venezuela around €512 million after provisions and wrote downs, with outstanding PDVSA debts near €359 million. Operations stalled following license withdrawal in May 2025 led to zero Venezuelan crude imports to Spain through Repsol, its second largest production market in 2024. Both firms have maintained dialogue with U.S. Treasury and Energy officials seeking to restore export permissions akin to frameworks prevailing before 2025. They are joined by French Maurel & Prom among European companies applying for renewed U.S. authorization to resume oil flow from Venezuela.
Recent meetings at the White House, where Trump pressured companies to invest in Venezuelan energy infrastructure reconstruction, underscore a potential pivot toward sanction relaxation. Meanwhile, Chevron reportedly anticipates an expanded license imminently. However, the U.S. “America First” policy continues to create unequal opportunities, prioritizing domestic players. Market analysts note that sustained cooperation between Washington and European companies will be critical to unlocking Venezuela’s extensive reserves—estimated at over 300 billion barrels—and revitalizing production disrupted by years of sanctions and political instability.
European firms’ willingness to increase Venezuelan investment remains contingent on regulatory certainty from the U.S. amid ongoing geopolitical risks and volatile crude price forecasts underscoring the strategic importance of Venezuela’s hydrocarbons in global energy markets.
This article was curated and published as part of our South American energy market coverage.
