Conversations with US and European oil companies have advanced regarding the expansion of joint ventures in Venezuela: sources

The logo of the Venezuelan state oil company PDVSA is seen at PDVSA headquarters in Caracas, Venezuela, May 14, 2025. REUTERS/Leonardo Fernández Viloria · Reuters

Reuters

Fri, February 13, 2026, 5:43 a.m. GMT+9 1 min read

HOUSTON/CARACAS Feb 12 (Reuters) - The Venezuelan state oil company PDVSA is in talks with many of its partners in joint ventures to offer them expansions in the oil fields assigned to their projects, according to three sources familiar with the matter. This move could help increase production and exports.

At the end of January, Venezuela’s National Assembly approved a comprehensive reform of the country’s main oil law, granting foreign oil companies autonomy to operate, export, and earn profits from cash sales, even if they remain minority partners in joint ventures with PDVSA.

The reform gave the Ministry of Hydrocarbons of Venezuela, PDVSA, and their business partners six months to renegotiate the terms of their joint projects, which has accelerated talks for area expansions, according to two of the sources.

Most of the areas on offer are near the oil fields where PDVSA’s partners are currently involved. The state company and the Ministry of Hydrocarbons are offering them simultaneously to different companies, waiting to receive and compare proposals before finalizing allocations, one source added.

PDVSA did not immediately respond to a request for comment. The companies in talks with PDVSA include US and European firms currently operating in the country, the sources said.

(Reuters report)

Terms and Privacy Policy

Privacy Panel