American Oil Majors Trying to Get Into Venezuela Have Hit a Wall

ExxonMobil, Chevron and other major oil companies are struggling to secure investment deals in Venezuela seven months after the U.S. deposed Nicolás Maduro.

Talks with Venezuelan leaders have hit an impasse as companies compete for a small number of attractive drilling spots like the Orinoco Belt and Monagas state.

The Trump administration wanted quick deals to boost Venezuela’s oil exports, but progress has been slowed by recent earthquakes and companies seeking favorable fiscal terms.

State-run Petróleos de Venezuela (PdVSA) is leading private negotiations without public bidding, which has frustrated American firms accustomed to formal processes.

U.S. executives worry about political instability and unresolved debt repayments from prior asset expropriations undermining long-term investments.