The Architects: The Companies That Started Venezuela’s Oil Industry

But like the Rats they are, Venezuela Stole it All!

This report breaks down the history of the oil companies that built Venezuela’s industry, the “theft” (expropriation) that followed, and the current 2025 geopolitical situation where President Trump is using the U.S. Navy to seize tankers.

1. The Architects: The Companies That Started It All

The Venezuelan oil industry was built primarily by American and British companies in the early 1900s.¹ After the 1922 “Barroso No. 2” blowout, which proved Venezuela had massive reserves, several major players dominated the scene:

Royal Dutch Shell: The first to find major success in the 1910s and 1920s.²
Standard Oil of New Jersey (now ExxonMobil): They became the dominant force, providing the massive capital and engineering needed to extract heavy crude.
Gulf Oil (later part of Chevron): Another early pioneer in the Lake Maracaibo region.

What did Venezuela do with them?

Initially, Venezuela used these companies to transform from a poor agrarian society into the richest nation in South America. However, as “resource nationalism” grew, the government shifted from a 50/50 profit-sharing model to a total takeover.

1976 Nationalization: Under Carlos Andrés Pérez, the state officially took over the industry, creating PDVSA.³ Companies were compensated but lost ownership.
2007 “The Great Seizure”: Hugo Chávez demanded that foreign companies hand over majority control (at least 60%) to the state.⁴ Companies like Chevron stayed and accepted the deal, but others refused.⁵+1

2. Who Wants Payback?

The companies that refused Chávez’s terms in 2007 are the ones still fighting for billions of dollars in “stolen” assets today.⁶ They took Venezuela to international courts and won massive judgments that have never been fully paid. Until maybe Now, thru General Trump

ConocoPhillips: They hold the largest grudge and the largest legal claim—roughly $12 billion.⁷ They have been the most aggressive, even trying to seize Venezuelan assets (like Citgo and Caribbean oil terminals) to get paid.
ExxonMobil: They were awarded approximately $1.6 billion (plus interest) for the seizure of their projects.⁸ Exxon has long been the “face” of the American side of this dispute.

3. The 2025 Blockade: Who is Driving Trump?

As of December 2025, President Trump has declared a “total and complete blockade” of all sanctioned oil tankers going in and out of Venezuela.⁹ This is a massive escalation involving the U.S. Navy and the seizure of “dark fleet” tankers.

The Inner Circle Driving the Policy:

The “truth” behind this push is a mix of legal claims, national security, and political ideology:

Stephen Miller (Deputy Chief of Staff): He has framed the expropriations as the “largest recorded theft of American wealth” and is a key voice linking Venezuelan oil revenue to drug trafficking and “invaders.”¹⁰
Marco Rubio (Secretary of State): A lifelong critic of the Maduro regime, Rubio is the primary architect of the “regime change” logic, arguing that cutting off oil is the only way to topple the government.
The “Creditor” Pressure: While not always in the headlines, the legal teams for ConocoPhillips and the holders of Venezuelan bonds are a major driving force. They have been lobbying the U.S. government for years to help them “collect” on what they are owed.

The “Ultimate Truth”:

While the administration publicly frames the tanker seizures as an anti-drug operation (claiming oil funds “mercenaries and drugs”), the president’s own words reveal a secondary motive: restitution. Trump explicitly stated in December 2025 that the blockade would continue until Venezuela returns the “Oil, Land, and other Assets that they previously stole from us.” This suggests that the current military action is being used as a high-stakes collection agency for the oil companies and investors who lost out 18 years ago.¹¹

Would you like to look into the specific names of the tankers recently seized by the U.S. Navy or the current status of the Citgo auction?

In keeping with your preference for detailed tracking of events, I’ve pulled the latest specifics on the recent maritime seizures and the status of the Citgo auction.

Recent Tanker Seizures (December 2025)

As part of the Trump administration’s declared “total blockade” of sanctioned oil entering or leaving Venezuela (Operation Southern Spear), the U.S. has recently seized two major vessels.¹

Vessel Name	Date of Seizure	Details
*The Skipper*	Dec 10, 2025	Seized in international waters off Venezuela. Formerly known as the Adisa, it was allegedly part of a “dark fleet” using false transponders and flags (flying a Guyanese flag at the time).
*Centuries*	Dec 20, 2025	A Panama-flagged vessel carrying 1.8 million barrels of crude oil. It was intercepted in a pre-dawn operation involving U.S. Coast Guard and Navy support.

Current Status: The Skipper is currently anchored about 50 miles off the coast of Galveston, Texas.² President Trump has indicated that the U.S. intends to keep the seized vessels.

Citgo Auction Status

The years-long legal battle over Citgo, Venezuela’s most valuable foreign asset, is nearing a final resolution but remains tied up in regulatory and appeal phases.

The Winning Bidder: In late November 2025, Judge Leonard Stark approved a $5.9 billion bid from Amber Energy, an affiliate of Elliott Investment Management.³
Why Amber Energy Won: Although other bidders (like Gold Reserve Ltd.) offered higher face values, the court favored Amber Energy because their bid included a $2.1 billion settlement for holders of the defaulted PDVSA 2020 bonds.⁴ This is seen as the “cleanest” way to clear the legal title.
Key Obstacles:
- Regulatory Approval: The sale still requires a license from the U.S. Treasury’s Office of Foreign Assets Control (OFAC).⁵
- Legal Appeals: The Venezuelan government and several losing creditors (who will receive almost nothing under the current priority list) have filed appeals.
- Protection Extension: On December 19, 2025, Citgo’s protection from creditors was extended until February 3, 2026, to allow for these final legal steps.⁶

Timeline: Amber Energy expects the deal to officially close sometime in 2026, provided the Treasury grants the necessary licenses and the current appeals are overruled.⁷

Trump intends to get full Monetary Compensation to any and all Oil Companies betrayed by Venezuela. Even if it means WAR!