What deadline has Venezuela's oil ministry set for migrating existing oil and gas contracts to the new legal framework, and which companies are affected?

Venezuela's oil ministry has confirmed it will maintain the July 28 deadline for migrating oil and gas contracts to a new legal framework approved in January; this affects about two dozen foreign and local companies—including U.S. major Chevron (CVX.N), Spain's Repsol (REP.MC), and Italy's Eni (ENI.MI)—most of which operate more than one project in partnership with or under contract to PDVSA.

Are newly entering companies—such as foreign wildcatters and lesser-known firms—subject to the same July 28 deadline for contract migration?

No, companies entering Venezuela's oil sector for the first time—mostly foreign wildcatters and little-known firms—are not subject to the July 28 deadline; instead, they do not have a specific deadline to negotiate and agree to contract terms following preliminary agreements signed since early this year.

Oil executives rush to complete contract migration in Venezuela, sources say

Jul 23, 2026

Venezuela's oil ministry urged partners of state firm PDVSA to finalize contract migrations by July 28 under a new legal framework. Major energy companies including Chevron, Repsol, and Eni are accelerating negotiations to comply with the deadline.

reuters

2026-06-03

Venezuela's Reforms Fail to Attract Investors Wary of Legal and Infrastructure Risks

2026-07-09

Venezuela Breaks Up Oil Monopoly Under Long-Awaited Regulations

2026-07-23

Oil executives rush to complete contract migration in Venezuela, sources say

2026-08-18

About Half of Venezuela Oil Output Now Goes to U.S., Under Secretary Haustveit Says

FAQ

Scan to get the App