Research Division · Demand map
Opening Demand Map: who has signed in Venezuela's oil and gas
Eleven operators hold a signed contract or license in Venezuela; seven more are moving with memorandums, studies or talks. This dossier ranks each one by how firm its paper is and answers, from the party's own document, the three questions a supplier has to settle: who does the buying at each field, what work is coming, and which date would confirm the plan is starting.
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Independent analysis by Vene Economist · Research Division. Open-source intelligence: every data point comes from the root party's own document — the company, the Venezuelan government, OFAC — with that document's date.
Open-source intelligence prepared by Vene Economist LLC. It does not constitute legal, investment or financial advice, nor does it determine whether a transaction is authorized under an OFAC license or whether a counterparty is eligible. Full legal notice in section L.
This open-access extract contains the cover, the essentials, the paper scale with each party's level and one of the eleven profiles. The full dossier adds the instrument and date of each paper, the eleven profiles, who buys at each field, the work matrix, power, how each operator gets paid, the four OFAC licenses quoted as written, the calendar and what is not on record.
Contents of the full dossier
in this extract 01 · The essentials
in this extract 02 · How firm the paper is
one sample profile 03 · Eleven profiles
in the company license 04 · No contract
in the company license 05 · Who buys
in the company license 06 · The work
in the company license 07 · Power
in the company license 08 · Who pays
in the company license 09 · Licenses
in the company license 10 · Calendar
in the company license 11 · Not on record
01
The essentials
The 2026 opening left two kinds of paper in Venezuela: the kind that already binds and the kind that still promises. Eleven operators hold a participation contract, an operating agreement or a license with a date; seven more are moving with memorandums, studies or talks. For a supplier the difference is concrete: the eleven in the first group have a field assigned in writing; the seven in the second still have no published contract with PDVSA.
In oil, almost everything signed rehabilitates fields that already produce; what remains to be developed from scratch is Loran gas and the two areas Chevron added in Carabobo. The documents describe demand for well workovers, compression spare parts, gas treatment and self-generation, and the buying door changes from field to field.
02
How firm the paper is
The scale ranks each party by how firm its instrument is, not by the size of its announcement. A productive participation contract or an operating agreement binds the parties and carries a signing date; a license authorizes developing a field or operating under sanctions; a memorandum or a study opens a negotiation, with no production contract.
| Operator | Level |
|---|
| Chevron | Agreement |
| Eni | Contract |
| GeoPark | Contract |
| KEO Energy | Contract |
| Hunt Oil | Contract |
| Primavera Infinita | Contract |
| Minerosol Group | Contract |
| Repsol | Agreement |
| Shell | License |
| bp, XRG, UCC | License |
| Maurel & Prom | License |
| Continental Resources | Memorandum |
| TotalEnergies | Memorandum |
| Halliburton | Memorandum |
| NABEP | Memorandum |
| Aspect Holding | Study |
| UCC Oil and Gas | Talks |
| ExxonMobil | None |
The instrument and signing date of each paper are in the full dossier.
03
Eleven profiles
One of the eleven profiles, as it appears in the full dossier. The box summarizes what the document says about purchases, work or cash; at the foot, the next document that would confirm the plan.
03
Repsol
Petroquiriquire (40%) · Cardón IV (50%) · Horcón
Agreement · Apr 16
On April 16 Repsol agreed with the Ministry and PDVSA, subject to conditions, to take back operational control of Petroquiriquire. Its gross crude output in the country is about 45,000 b/d and it says it is ready to raise it 50% in 12 months if PDVSA schedules equivalent cargoes. On June 17 it signed a memorandum to evaluate the Horcón area.
For a supplier: It is paid for Cardón IV gas in crude cargoes: it received the first in May and expects four more in 2026, one of them to fund a 10% rise in gas output.
Next document
Q3 results: Oct 29+50% target: conditional on cargoes
Vene Economist · Research Division
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VENE · ECONOMIST · Research Division · Open-source intelligence. It does not constitute legal, investment or financial advice, nor does it determine whether a transaction is authorized under a license or whether a counterparty is eligible.
© 2026 Vene Economist LLC, Delaware. Unauthorized distribution prohibited.
L
Legal notice
Nature of this documentThis extract is open-source intelligence prepared by Vene Economist LLC. It documents what each party signed and declared, with the source and date of each document. It does not constitute legal, investment, financial, tax or compliance advice.
Sanctions and eligibilityThe document does not determine whether a specific transaction is authorized under an OFAC license, whether a counterparty is eligible, or whether a company may contract with any of the parties described. That determination belongs to each company's legal counsel.
Sources and cut-off dateThe information reflects public documents available as of September 30, 2026 and changes with every signature, license or results release.
Accuracy and liabilityVene Economist verifies each statement against the text of its source but does not warrant the absence of errors or omissions, and is not liable for decisions made on the basis of this document. Errors may be reported to research@veneeconomist.com.
Use of this extractThis extract is open access: it may be shared in full and unmodified, with attribution to "Vene Economist · Research Division". The full dossier is distributed only under a company license.
Intellectual property and jurisdictionThe text and the paper scale are the property of Vene Economist LLC, a company organized in Delaware, United States. Third-party marks and documents cited belong to their owners.
AnnexSources ▾
- Chevron — expanded position in Venezuela, Sep 2, 2026. — chevron.com
- Chevron — "A turning point for energy in Venezuela," Sep 2, 2026. — chevron.com
- Chevron — 2025 annual report (10-K), Feb 24, 2026. — sec.gov
- Chevron — Q2 2026 report (10-Q), Aug 6, 2026. — sec.gov
- Venezuelan Presidency — Sep 2, 2026 energy agreements. — prensapresidencialvenezuela.gob.ve
- Eni — Junín 5 contract, Sep 2, 2026. — eni.com
- Eni — Q2 2026 results presentation, Jul 29, 2026. — eni.com
- Eni — Q2 2026 call transcript, Jul 29, 2026. — eni.com
- Eni — half-year report (6-K), Jul 31, 2026. — sec.gov
- Eni — financial calendar. — eni.com
- Repsol — Petroquiriquire agreement, Apr 16, 2026. — repsol.com
- Repsol — Horcón memorandum, Jun 17, 2026. — repsol.com
- Repsol — first-half results, Jul 23, 2026. — repsol.com
- Repsol — Q3 2026 results presentation. — repsol.com
- Maurel & Prom — inclusion in General License 50A, Feb 19, 2026. — maureletprom.fr
- Maurel & Prom — first-half results, Aug 6, 2026. — maureletprom.fr
- Maurel & Prom — investor agenda. — maureletprom.fr
- Venezuelan Foreign Ministry — Loran phase I license to Shell, Jun 11, 2026. — mppre.gob.ve
- Hydrocarbons Ministry — Shell agreement on Carito and Pirital, Mar 5, 2026. — minhidrocarburos.gob.ve
- NGC — signing of the Dragon license, Dec 22, 2023. — media.ngc.co.tt
- Trinidad and Tobago Energy Ministry — preliminary work on Dragon, Oct 14, 2024. — energy.gov.tt
- Shell — financial calendar. — tools.eurolandir.com
- bp — Loran phase 2 license, Aug 13, 2026. — bp.com
- XRG — entry into Venezuela, Aug 13, 2026. — xrg.com
- bp — 2026 financial calendar. — bp.com
- GeoPark — entry into Venezuela, Bare block, Sep 2, 2026. — geo-park.com
- Hydrocarbons Ministry — signing of the Bare contract, Sep 4, 2026. — minhidrocarburos.gob.ve
- GeoPark — Bare plan presented at the summit, Sep 29, 2026, via Reuters. — boereport.com
- KEO Capital — PetroUrdaneta operating agreements, Aug 29, 2026. — inderes.fi
- KEO Energy — PetroUrdaneta's four fields, Aug 31, 2026. — natlawreview.com
- KEO Capital — Q2 2026 report, Aug 31, 2026. — attachment.news.eu.nasdaq.com
- Hydrocarbons Ministry — Hunt contract, Aug 19, 2026. — minhidrocarburos.gob.ve
- Hunt Oil — agreement with PDVSA, Aug 20, 2026. — huntconsolidated.com
- EFE — Hunt contract for Caro and Carisito, Aug 19, 2026, via Infobae. — infobae.com
- Denarius Holding — CEMA field contract, Sep 16, 2026. — prnewswire.com
- Continental Resources — Ayacucho 2 memorandum, Sep 16, 2026. — prnewswire.com
- Continental Resources — newsroom, checked Sep 30, 2026. — clr.com
- Hydrocarbons Ministry — memorandum with TotalEnergies, Sep 19, 2026. — minhidrocarburos.gob.ve
- TotalEnergies — Q1 2026 results call, Apr 29, 2026. — totalenergies.com
- Halliburton — memorandums with Eneva and WESCA, Sep 21, 2026. — halliburton.com
- WESCA — company profile. — wesca.com
- VTV — Sep 2, 2026 signings with the US. — vtv.com.ve
- Argus — interview with Aspect's chairman, Aug 10, 2026. — argusmedia.com
- NABEP — agreement with the US Government, Aug 31, 2026. — prnewswire.com
- White House — oil agreement fact sheet, Aug 31, 2026, via the embassy. — ve.usembassy.gov
- Hydrocarbons Ministry — address on the energy agreement, Aug 29, 2026. — minhidrocarburos.gob.ve
- NABEP — the GP-28 barge, May 12, 2026. — nabep.net
- ExxonMobil — Q1 2026 results call, May 1, 2026. — d1io3yog0oux5.cloudfront.net
- UCC Oil and Gas — new areas, Sep 29, 2026, via La República. — larepublica.co
- Bloomberg Línea — the summit, suppliers and talent, Sep 29, 2026. — bloomberglinea.com
- AFP — oil companies at the Caracas summit, Sep 30, 2026, via Unitel. — unitel.bo
- Official Gazette 7,052 Ext. — Hydrocarbons Law regulations, Jul 7, 2026. — tugacetaoficial.com
- El Nacional — the Hydrocarbons Law regulations, Jul 10, 2026. — elnacional.com
- Communications Ministry — the Hydrocarbons Minister on the GE alliance, Sep 4, 2026. — mippci.gob.ve
- Electric Power Ministry — memorandum with GE Vernova, Jun 15, 2026. — mppee.gob.ve
- US Embassy — fact sheet on the Sep 2, 2026 agreements. — ve.usembassy.gov
- GE Vernova — media hub filtered by Venezuela, Sep 30, 2026. — gevernova.com
- OFAC — General Licenses 46E, 48D and 49B, Sep 28, 2026. — ofac.treasury.gov
- OFAC — General License 48D, Sep 28, 2026. — ofac.treasury.gov
- OFAC — General License 49B, Sep 28, 2026. — ofac.treasury.gov
- OFAC — General License 46E, Sep 28, 2026. — ofac.treasury.gov
- OFAC — General License 50C and its annex, Aug 27, 2026. — ofac.treasury.gov
- Banca y Negocios — loan book at end-June, Jul 16, 2026. — bancaynegocios.com