MARKET STRUCTURE · REGULATORY · USA
Venezuela suspends 19 Maduro-era oil and gas production-sharing contracts
Change
Venezuela’s Oil Ministry has suspended 19 oil and gas production-sharing contracts with private companies signed under President Nicolas Maduro, with PDVSA taking over sales of crude produced under the suspended deals (as of Feb. 26, 2026, per sources).
Why it matters
The suspension changes the legal and commercial status of 19 production-sharing contracts, shifting crude marketing to state oil company PDVSA while the deals are paused. Sources said Caracas and Washington are reviewing the contracts and the credentials of the companies involved, with potential recommendations to revoke some agreements. Even if field output is unchanged so far, the suspension can alter cash-flow timing, lifting/marketing rights, and counterparty risk for private participants. The move also introduces a new dependency on the outcome of a bilateral review process for contract continuity. Timing is immediate from the reported Feb. 26, 2026 action, with no end date stated in the excerpt.
Implications
- • Private partners face contract-continuity risk pending Venezuela–U.S. review outcomes
- • Crude sales from affected projects are being handled by PDVSA during suspension
- • Potential revocations would reallocate project rights and future revenue streams
- • Counterparty and compliance scrutiny increases via credential reviews of signatories
Who is affected
- • PDVSA and Venezuela’s Oil Ministry (contract administration and crude marketing)
- • Private oil and gas companies holding the 19 production-sharing contracts
- • Crude offtakers/traders buying Venezuelan barrels linked to the suspended projects
- • U.S. government agencies involved in reviewing contracts and company credentials
Source
Topics
World & Politics International Affairs Law & Public Safety Regulatory Actions Energy & Power Oil & Gas