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The arrest of Nicolás Maduro has thrown one of the world’s most politically fraught oil industries back into focus, forcing investors to reassess who controls Venezuela’s crude resources and whether they can be meaningfully revived after decades of decline.
For now, the answer may seem straightforward. “Petróleos de Venezuela (PDVSA), the state-owned oil company, controls the majority of the oil production and reserves,” said Andy Lipow, president of Lipow Oil Associates.
American energy corporation Chevron
operates in the country through its own production and a joint venture with PDVSA, while Russian and Chinese firms also participate through partnerships, though “majority control is still with PDVSA,” Lipow said.
