Venezuelan Acting President Delcy Rodríguez leading the signing ceremony of oil agreements with BP on Wednesday, April 29, 2026. Photo: Venezuelan Presidential Press.
Caracas (OrinocoTribune.com)—Acting President of Venezuela Delcy Rodríguez has led a ceremony to sign a memorandum of understanding with British Petroleum (BP) as part of the Venezuelan government’s energy reactivation strategy. Throughout April, Venezuela has secured similar agreements with major energy transnationals including ENI, Repsol, and Chevron.
The agreement with BP, signed this Wednesday, April 29, focuses on the exploration and exploitation of non-associated gaseous hydrocarbons in offshore areas, primarily in Eastern Venezuela’s Caribbean waters near Trinidad and Tobago. These actions are being carried out under the January 2026 Reform of the Organic Hydrocarbons Law, which encourages international investment by granting licensees broader operational and commercial control.
The surge in commercial activity follows the US empire’s invasion of Venezuela on January 3, which resulted in the kidnapping of President Nicolás Maduro and the assassination of more than 100 people. Since this act of aggression, Washington has eased key sanctions against Venezuela’s energy sector—a move that analysts have explained reveals the underlying intent of the military intervention.
Officials present at the signing included Paula Henao, minister for Hydrocarbons; Oliver Blanco, vice foreign minister for Europe and North America; and Héctor Obregón, president of Petróleos de Venezuela, SA (PDVSA). BP was represented by Director David Campbell and William Lin, executive vice president of gas and low carbon energy.
Agreements with ENI
On Tuesday, April 28, Rodríguez signed what she described as the “most auspicious” oil production agreement in Venezuelan history with the Italian company ENI. Speaking from Carabobo state during a 13-day national pilgrimage to demand the end of sanctions led by the US settler entity, Rodríguez acknowledged that ENI remained in the country despite the US illegal blockade.
The contract involves primary activities in the Junín-5 area of the Orinoco Oil Belt. The field is managed by Petro Junín, a partnership between PDVSA and ENI, in which the Venezuelan state-owned company maintains the majority stake. ENI CEO Claudio Descalzi declared that the company has “great projections” for the field and aims to accelerate production.
Repsol returns to operational control
On April 16, PDVSA and the Spanish corporation Repsol signed an agreement allowing Repsol to regain control of operations at Petroquiriquire (60% PDVSA, 40% Repsol). The deal also guarantees mechanisms of payment and strengthens the operational framework under a 2023 agreement that was disrupted by the illegal US sanctions.
Repsol CEO Josu Jon Imaz announced the company expects to increase production by 50% within a year and triple it over three years. The agreement includes concessions for the Petroquiriquire field and incorporates the Tomoporo and La Ceiba fields. Francisco Gea, Repsol’s director general of exploration and production, affirmed the company’s long-term commitment to the country, where it has operated since 1993, reported RTVE.
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Chevron expands stakes
On April 13, Chevron signed new agreements to boost production in the Orinoco Oil Belt. The ceremony was attended by US officials, including Kyle Haustveit, US undersecretary for fossil energy and carbon management, according to reports from France 24.
The first agreement increased Chevron’s stake in the Petro Independencia joint venture from 34% to 49%, according to Chevron representative Javier la Rosa. The second allows for Chevron to conduct exploration and drilling in the Ayacucho 8 field.
Despite the progress made in strengthening the economy, Rodríguez emphasized that the goal remains a total lifting of the US empire’s blockade. “I take this opportunity to reiterate that we must move towards a Venezuela without sanctions, always,” she said, criticizing the use of isolated OFAC licenses that hinder broader business opportunities.
Special for Orinoco Tribune by staff
OT/JRE/AU
