Venezuela Oil Stocks: Companies With Exposure in 2026
There is no Venezuelan oil stock you can buy: the national oil company, PDVSA, is owned by the state and is not listed on any exchange. What investors mean by “Venezuela oil stocks” are publicly traded companies with business tied to Venezuela’s oil. In 2026 the main ones are Chevron, Eni, Repsol and Shell, which produce or are developing oil and gas there; the service companies SLB, Halliburton and Baker Hughes; ConocoPhillips, which is owed an $8.37 billion arbitration award; and GE Vernova, which signed a deal to rebuild the power grid. This page lists what each one has in Venezuela. It is not investment advice.
Publicly traded companies with Venezuela exposure
| Company (ticker) | What it has in Venezuela in 2026 |
|---|---|
| Chevron (CVX) | Producing through joint ventures with PDVSA; plans to invest more than $7 billion over five years and reach about 600,000 b/d |
| Eni (E) | 25-year contract, signed September 2, 2026, as exclusive operator of the Junín 5 field (35 billion barrels of oil in place, ~12,000 b/d today) |
| Repsol (REP, Madrid) | Retook operational control of Petroquiriquire (40% Repsol) in April; ~45,000 b/d gross, aiming for +50% in 12 months |
| Shell (SHEL) | Framework agreement with PDVSA in March for the Punta de Mata division (Monagas), alongside the Dragon offshore gas project |
| SLB (SLB) | The one big service company that kept working in Venezuela, for Chevron under Chevron’s license |
| Halliburton (HAL), Baker Hughes (BKR) | Can return under a February 2026 U.S. license for oilfield services; both had scaled back |
| ConocoPhillips (COP) | No operations; holds an $8.37 billion arbitration award (plus interest) for its 2007 expropriation |
| GE Vernova (GEV) | Deal to bring 1 GW of power online in 24 months and 5 GW more over four years |
Chevron: the biggest bet
Full detail: Chevron in Venezuela.
Chevron has worked in Venezuela since 1923. On September 2, 2026, days after the White House announced a broader oil deal, it confirmed plans to invest more than $7 billion over five years and more than double its Venezuelan output to about 600,000 barrels a day, after receiving additional acreage in the Orinoco Belt, per FOX 10/LiveNOW. Exxon’s CEO had called Venezuela “uninvestable” in January, and Exxon said that hasn’t changed.
Eni and Repsol: European operators
- Eni signed a Contrato de Participación Productiva de Hidrocarburos with PDVSA on September 2, 2026, becoming the exclusive operator of Junín 5 in the Orinoco Belt for 25 years (extendable). It replaces the Petrojunín joint venture, where Eni held 40%. The field holds 35 billion barrels of certified oil in place and produces about 12,000 b/d, per Eni.
- Repsol agreed on April 16, 2026 to retake operational control of Petroquiriquire (Repsol 40%, PDVSA 60%). Its gross Venezuelan output is about 45,000 b/d; it says it can raise that 50% in 12 months and triple it in three years if conditions hold. The deal runs under U.S. General License 50A.
Shell: gas first
PDVSA signed a framework agreement and technical-financial alliance with Shell in March 2026 for integrated development of the Punta de Mata division in Monagas state, per El Diario. Shell is also behind Dragon, an offshore gas field near Trinidad and Tobago (Venezuela natural gas).
Oilfield services: SLB, Halliburton, Baker Hughes
On February 11, 2026, the U.S. Treasury issued a general license letting U.S. firms work on exploring, developing and producing Venezuelan oil and gas under limited conditions, with work plans filed with the State and Energy Departments, per World Oil. SLB had kept working in Venezuela for Chevron; the other large contractors had scaled back or shut down their main operations.
ConocoPhillips: a claim, not a project
Full detail: ConocoPhillips in Venezuela.
ConocoPhillips has no production in Venezuela. In January 2025, the World Bank’s ICSID tribunal rejected Venezuela’s bid to annul an $8.37 billion award (plus interest) over the 2007 takeover of the Petrozuata, Hamaca and Corocoro projects, per Reuters. Conoco is also the largest creditor in the U.S. court sale of CITGO’s parent.
What about CITGO and PDVSA bonds?
- CITGO is not listed either. In November 2025 a Delaware judge approved the sale of its parent, PDV Holding, to Amber Energy, an affiliate of the hedge fund Elliott, for $5.9 billion, including $2.1 billion for holders of a defaulted Venezuelan bond. Closing depends on a U.S. Treasury (OFAC) license and on the ruling surviving appeal, per Pipeline & Gas Journal.
- PDVSA bonds: the bond backed by CITGO shares is in default (Pipeline & Gas Journal), and the 2026 U.S. general license for new Venezuelan energy deals (GL 52) does not cover bond or debt transactions, per Mayer Brown.
- North American Blue Energy Partners (NABEP), the company at the center of the August 2026 White House oil deal, is private: the U.S. Defense Department gets a 35% stake, per CBS News (the Venezuela oil deal explained).
The risks these companies face in Venezuela
- Licenses can change. U.S. sanctions are still in place; companies operate under Treasury general licenses that can be amended or revoked.
- Where the money goes. Under GL 52, payments owed to PDVSA must go into U.S. government-designated accounts, per Mayer Brown.
- Legal questions. FOX 10 noted doubts over whether the interim government can grant long-term rights without National Assembly approval.
What is not known
- How much each company will actually produce — the figures above are company targets.
- Whether the CITGO sale closes and when.
- How Venezuela’s 2026 oil law and U.S. licenses will hold up if politics change.
For the oil itself: Venezuela oil production, Venezuela oil reserves and why oil matters to Venezuela’s economy.