This presentation examines how political instability, sanctions, and governance challenges affect Venezuela’s future energy (oil) development.
The unilateral (and unexpected) US intervention in Venezuela to depose Maduro has captured many headlines. Its legality has been challenged, and Venezuelans experience a mix of hope, fear and uncertainty. Much of the attention is now directed to Venezuela’s natural resources and Trump’s plan to “administer” the oil. Once a leading energy powerhouse producing over 3 million barrels of oil per day, Venezuela now struggles to produce roughly 900,000 barrels. Despite this decline, Venezuela still holds the world's largest proven oil and gas reserves, giving it the potential to play a major geopolitical role. However, its energy future remains highly uncertain.
This presentation examines how political instability, sanctions, and governance challenges affect Venezuela’s future development. From an energy (petroleum) law perspective, it aims to clarify the current situation in the country and assess the legality and validity of the US (and Venezuela’s) actions.
Ignacio Herrera Anchustegui is Professor of Law and Director of COAST – Research Center for Climate, Energy and Sustainability Law at the University of Bergen. He studied law in Venezuela, Austria and Norway and specializes in offshore energy, market regulation and new energy technologies. His PhD thesis, "Buyer Power in EU Competition Law," received the 2017 Concurrences Award for best thesis in Competition Law & Economics and was awarded the Meltzer Prize for Young Researchers in 2017 at the University of Bergen. He is the author of over 60 publications and edited the Routledge Handbook of Energy Law (2020), the Elgar Offshore Wind Licensing book (2024), the Elgar Research Handbook on EU Competition Law and the Energy Transition (2025), and Bloomsbury/Hart’s Offshore Energy Law Challenges and Opportunities for Renewables and Hydrocarbons (2025).