Shell, BP, Repsol, and Eni Return to Venezuela: Oil and Gas Deals Worth Billions - News and Statistics

May 9, 2026

International companies are returning to Venezuela in significant numbers, signing deals valued in the billions as the United States manages the country’s oil resources. The source for this information is a Yahoo Finance report published on the same date as this article.

Venezuela’s oil exports reached a seven-year high in March, which some observers suggest could signal the start of a broader recovery. Major energy firms showed interest in both oil and natural gas soon after the U.S. removed President Nicolas Maduro from power and took control of Venezuela’s oil sector.

By January, reports indicated that Shell and BP were seeking licenses to advance gas projects in Venezuela and Trinidad and Tobago. Shell’s primary interest is the Dragon offshore field, which holds an estimated 4.5 trillion cubic feet of natural gas. The company plans to eventually liquefy that gas and export it from its Atlantic LNG facility in Trinidad and Tobago.

BP recently signed an agreement with PDVSA to develop the Cocuina-Manakin field, located along the maritime border between Venezuela and Trinidad and Tobago. BP and the Venezuelan state energy company also plan to jointly explore for gas in the Loran gas field. The larger Loran-Manatee deposit contains an estimated 7.3 trillion cubic feet of gas on the Venezuelan side and 2.7 trillion cubic feet on the Trinidad side. The Cocuina-Manakin field holds about 1 trillion cubic feet in reserves.

Spain’s Repsol is also returning after signing a new deal with the Venezuelan government. The company intends to increase crude oil production in the country by 50% from current levels. According to media reports from April, Repsol obtained licenses from the U.S. administration and reached agreements with American energy companies to restore output, which now averages roughly 45,000 barrels per day. Over the next three years, Repsol plans to triple that figure.

Italy’s Eni is joining the activity as well. Last month, Eni’s chief executive, Claudio Descalzi, traveled to Caracas and met with President Delcy Rodriguez. Descalzi also signed an agreement with PDVSA and Venezuela’s oil ministry for joint development of a heavy crude field. The Junin-5 field, located in the Orinoco Belt, contains 35 billion barrels of certified oil in place, making it one of the largest undeveloped heavy oil resources in the country. Eni has been linked to the project since its production began in 2013, though it has faced constraints from years of underinvestment, operational disruptions, and uncertainty related to sanctions.

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