BOGOTÁ, COLOMBIA (By Ana Sanches, Energy Analytics Institute, 16.Jan.2026, Words: 176) — For what it’s worth, Venezuela’s late president Hugo Chávez announced a nationalization decree in 2005 aimed at regaining Venezuela’s sovereignty over its oil sector.
The decree called for state-owned Petróleos de Venezuela S.A. (PDVSA) to assume at least a 51% majority ownership in all oil sector projects and forced international oil companies (IOCs) to reduce their participation in the sector to no more than 49%.
