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Index/Topics/2007 Venezuelan Expropriation

2007 Venezuelan Expropriation

The 2007 expropriation of foreign-run heavy-oil projects in the Orinoco Belt by the Venezuelan government, led by Hugo Chávez, resulting in the seizure of assets from ExxonMobil and ConocoPhillips, and the renegotiation of contracts with other international companies.

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Jan 7, 2026

Which Venezuelan oil projects (by name) were expropriated in 2007 and which companies originally operated them?

In 2007 the Venezuelan government moved to take operational control of major foreign-run heavy‑oil projects in the Orinoco Belt, most notably seizing ExxonMobil’s Cerro Negro and La Ceiba projects and...