Last mentioned: Mar 25, 2026
Contractual Milestone
Anticipated deadline for the first wave of new joint venture agreements under the revised framework.
Miami Investment Summit
VP Delcy Rodríguez makes a rare U.S. appearance to court international energy majors.
Miami Pitch
Delcy Rodríguez presents the newly opened sector to investors at a Miami summit.
Sanctions Eased
Further easing of sanctions to offset global supply losses from the Iran war.
Strategic Easing
Trump administration relaxes oil sanctions to counter Iran war supply shocks.
U.S. Regulatory Shift
Washington issues a broad waiver effectively reopening the Venezuelan oil sector to U.S. participation.
Broad Sector Waiver
Washington issues a broad waiver reopening the oil sector to U.S. companies.
OFAC General Licenses
U.S. Treasury issues initial licenses regarding oil trade with Venezuela.
First Gas Target
Projected date for the first commercial gas flows from Venezuelan waters to Trinidadian processing plants.
First Gas Export
Target window for the first commercial gas flows from Venezuelan waters to international LNG markets.
Technical Surveys
Subsea imaging and pipeline route assessments begin for the Dragon-to-Hibiscus link.
Sanctions Reinstated
US allows General License 44 to expire citing lack of democratic progress.
Shell/BP Involvement
Major energy firms begin technical assessments for subsea pipeline infrastructure connecting the two nations.
Dragon Field Agreement
Venezuela signs a 30-year license with Shell and NGC for gas exploration and production.
Dragon Field Agreement
Venezuela and Trinidad sign a 30-year license for the exploration and exploitation of offshore gas.
Barbados Agreement Easing
Temporary sanctions relief granted following political negotiations.
OFAC License Issued
US Treasury grants license for Trinidad to develop gas with Venezuela.
OFAC License Granted
U.S. Treasury issues a license allowing Trinidad and Tobago to develop the Dragon gas field with Venezuela.
Broad Sanctions Imposed
US imposes sweeping sanctions on PDVSA to pressure the Maduro government.
Venezuelan Vice President Delcy Rodríguez presented a revitalized energy framework to international investors at a high-profile Miami summit, signaling a significant shift toward private participation in the nation's oil industry. The move follows recent U.S. regulatory waivers designed to stabilize global energy markets amid geopolitical tensions in the Middle East.
Venezuelan Vice President Delcy Rodríguez made a landmark appearance at a Miami summit to court foreign investment for the nation's energy industry. The outreach follows a significant regulatory shift in Washington that has effectively reopened the Venezuelan oil sector to international participation.
The Trump administration has officially relaxed sanctions on Venezuela's petroleum sector to bolster global oil supplies amid the escalating conflict with Iran. This regulatory pivot marks a significant shift in US foreign policy, prioritizing energy market stability and price control over the previous 'maximum pressure' isolation strategy.
While Venezuela holds the world's largest proven oil reserves, its massive and underutilized natural gas deposits are emerging as a more strategic asset in the global energy transition. Recent deals with regional neighbors and international majors signal a pivot toward monetizing gas as a cleaner alternative to the nation's heavy crude.
Venezuela is increasingly pivoting toward its massive, untapped natural gas reserves, which hold the potential to rival its world-leading oil sector in strategic importance. With the seventh-largest gas reserves globally, the nation is seeking regional partnerships and sanctions relief to transform from an oil-dependent economy into a major regional gas exporter.