Venezuela's oil reversal: From Chávez nationalization to privatization in 19 years
Rule Changes
The sole American oil major with active operations in Venezuela, operating through joint ventures with PDVSA under a U.S. Treasury license.
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Only U.S. major operating in Venezuela; CEO calls reforms 'positive' but commits no new capital spending
Hugo Chávez nationalized Venezuela's oil sector in 2007, expropriating assets from ExxonMobil, ConocoPhillips, and other foreign companies. Nineteen years later, less than a month after U.S. forces captured Nicolás Maduro, Venezuela's National Assembly passed and Acting President Delcy Rodríguez signed legislation reversing that policy—allowing private companies to independently operate oil fields, market crude, and settle disputes in international courts. The bill was submitted on January 15, debated on January 23, and signed into law on January 29—just 14 days from introduction to enactment. As Rodríguez signed the law, the U.S. Treasury Department issued General License 46, authorizing established U.S. energy companies to engage in Venezuelan oil activities but explicitly excluding entities from China, Russia, Iran, North Korea, or Cuba.
Updated Feb 5
