ENERGY MAJOR · FRENCH
TotalEnergies
TotalEnergies is the French energy company with a history of projects in Venezuela; its stance reflects the majors' caution toward the country's regulatory and sanctions risk.
VE Pulses
03Shell signs Phase I of the Loran field and the debt restructuring already has a draft price
The new permit regime is already producing contracts in gas, debt and agriculture; what it does not yet produce is what would sustain them: a stable barrel, reserves that hold, and a standing judicial arbiter.
Washington rewrites the rules of Venezuela's oil and gold into a single framework, with an explicit veto on Chinese capital
The opening is no longer a collection of permits but a regime: wider than ever, administered in Washington and revocable with a single signature.
The U.S. blockades Venezuela's sanctioned crude by sea and presses on its oil law, as a Middle East truce cheapens the barrel
Washington controls all four levers of Venezuela's oil revenue —cash, rules, route and now the price— so its record export volume decides less and less.
Sector Briefs
05Chevron Q1 revela 1–2% del CFO (cash flow operativo) en Venezuela; producción cruza 1.23M bpd y GL 5W señala coordinación con Citgo
Brief VE-ENERGY-UPSTREAM mayo 2026. El upstream entra en fase de ejecución contractual: exportaciones cruzan 1.23M bpd en abril (máximo en 7 años, +14% intermensual), Chevron en su call Q1 (1 may) confirma Venezuela = 1–2% del CFO (cash flow operativo) con cuenta por cobrar de $1.5B en amortización a 2027 y sin compromiso de capex incremental antes de clarificación fiscal. GL 5W (4 may) extiende protección bono PDVSA 2020 hasta 19 jun — extensión más corta en dos años, señal de coordinación Treasury con proceso judicial Citgo en Delaware. Repsol Petroquiriquire, Eni Junín-5 y Maurel & Prom operativos bajo GL 50A.
Production crosses 1 million bpd and majors sign: upstream closes Q1 with complete framework and binding power ceiling
VE-ENERGY-UPSTREAM April 2026 brief. Hydrocarbons reform passed (Jan 29), OFAC GL 52 (Mar 18), formal returns from Eni, Repsol and Chevron in April. Production 1.095M bpd, exports >1M for the first time in 6 months. India overtakes China as top buyer at 343K bpd. Revenues channeled to U.S. Treasury custody via EO 14373. The binding ceiling remains electrical (covered in VE-ENERGY-DOMESTICO).
The oil opening in numbers: regulatory framework, production, OFAC licenses
The oil opening in numbers. Regulatory framework, production, OFAC licenses, and the players positioning themselves.
The bi-monetary economy grows double digits while the bolivar loses a quarter of its value
The macroeconomic outlook evaluated for the investor. GDP, inflation, exchange rate, budget and monetary policy.
Multidimensional assessment: political, regulatory, operational, fiscal, sanctions, legal, social and exchange rate
Multidimensional assessment: political, regulatory, operational, fiscal, sanctions, legal, social and FX.
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