Venezuela Warns Foreign Oil Companies: Increase Production or Leave the Country



Juan Martinez | The Rio Times

Venezuela will seek new partners unless existing ones mobilize and help revive the collapsing oil industry.

RIO DE JANEIRO, BRAZIL – Venezuela has warned foreign oil companies like Chevron and Repsol that their licenses are at risk unless they help the OPEC member country reverse the historic decline in production, according to people familiar with the subject.

State-owned Petroleos de Venezuela (PDVSA) and the Ministry of Petroleum in Caracas last month wrote to all 19 joint venture partners whose contracts expire in 2026 to inquire about their intentions, according to a letter seen by Bloomberg. Under the existing contracts, companies can apply for 15-year license renewals.

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