Venezuela’s interim president, Delcy Rodriguez has met with senior executives from major European energy firms in Caracas, signalling an early push by her government to rebuild ties with foreign investors in the country’s battered oil industry.
According to statements from state-owned oil company PDVSA on Wednesday, Rodriguez hosted separate discussions with representatives from Spain’s Repsol and France’s Maurel & Prom. The meetings, held about a month after the dramatic removal of Nicolás Maduro from power, focused on strengthening cooperation and expanding the nation’s energy production capacity.
In a statement on its engagement with Repsol, PDVSA said Rodriguez sought to “strengthen the country’s energy sovereignty through respect and win-win cooperation”. In relation to Maurel & Prom, officials described talks that aimed to consolidate “strategic alliances that reinforce the country’s energy production capacity”, reflecting Caracas’s intent to foster deeper collaboration with international partners.
Both Repsol and Maurel & Prom operate in Venezuela under joint ventures with PDVSA, although activity by foreign oil companies in the country has frequently been disrupted by sanctions and political uncertainty in recent years. Western firms operating in Venezuela have at times faced complex regulatory and diplomatic hurdles as sanctions tied to past administrations limited financing and access to technology for expanding production.
The meetings take place amid broader changes in Venezuela’s energy policy and governance. Since assuming the interim presidency, Rodriguez has overseen a reshaping of the sector, including the passage of a new hydrocarbons law designed to open the once tightly state-controlled market to private and foreign capital. That overhaul represents a significant departure from previous policies and is intended to attract investment needed to revive declining output from what was once one of the world’s richest oil basins.
For foreign oil companies, engagement in Venezuela presents both opportunities and risks. The nation accounts for some of the largest proven crude reserves globally, but years of underinvestment, sanctions and institutional instability have left production far below its potential. Analysts say that clarity in legal frameworks and consistent signals from Caracas will be crucial for restoring investor confidence and making new ventures viable.
Rodriguez herself brings long experience in the oil sector to her leadership role. As a former oil minister and vice-president she has maintained working relationships with international energy executives and navigated past sanctions regimes, positioning her as a familiar interlocutor even as the political landscape shifts.
The meetings with Repsol and Maurel & Prom underscore a broader diplomatic and commercial strategy by Venezuela’s interim government to signal openness to cooperation while balancing the legacies of past policy and the expectations of global energy markets. How these overtures translate into concrete investment and sustained production growth remains a central question for both Caracas and potential partners.
