Venezuela suspends 19 oil and gas contracts

Venezuela has suspended 19 oil and gas production‑sharing agreements signed during the administration of President Nicolás Maduro. According to Reuters sources, the move has not yet affected production itself, extraction continues, but oil sales have been taken over by the state‑owned company PDVSA.

Caracas is reviewing the contracts together with Washington and may recommend their cancellation.

The companies that won the contracts are also being investigated. Some are little known or registered in tax havens, and the agreements were made during the period of US sanctions. These are projects in key areas, including the Orinoco Belt, Lake Maracaibo, and smaller mature fields.

The Venezuelan National Assembly recently passed a reform of the hydrocarbons law to facilitate foreign investment. The government has six months to review existing agreements. Negotiations are also under way with traditional partners such as Chevron and Repsol.

(reuters, pir)