Venezuela oil policy history and international arbitration

An analysis of Venezuela’s historical oil policy examines the strategic shift from the 1995 ‘Oil Opening’ to the 2007 Hydrocarbons Law. The transition moved the industry toward mixed companies with majority state control.

While Chevron remained a minority partner under these changes, companies such as ExxonMobil and ConocoPhillips exited, subsequently winning multi-billion dollar indemnifications through international arbitration against the Venezuelan state. The shift followed the political rise of Hugo Chávez and the implementation of a new Constitution in 1999.