Expropriated businessmen seek to operate in Venezuela's oil opening

Businessmen whose assets were expropriated during the government of Hugo Chávez have asked to return to operating under Venezuela's new oil opening, according to a report by the outlet Bloomberg Línea on September 24, 2026.

The discussion over the return of these private actors raises complex questions about the ownership of the assets and the management of the infrastructure built up over years, in a key sector seeking to revive its productive capacity after a long period of contraction.

The debate centers on determining who will take on the investments needed to recover the deteriorated assets, and who will assume the liabilities accumulated during the time the facilities remained under state control.

This situation highlights the operational and legal challenges facing the local hydrocarbons industry as it tries to attract capital and technical expertise without definitively resolving disputes over the original ownership of the means of production.