The Venezuelan government confiscates oil assets from an influential family and transfers them to a US company

The Venezuelan regime has carried out the seizure of strategic oil assets in the Orinoco Belt to place them directly in the hands of a U.S. corporation.

According to a report by Bloomberg, energy authorities in Caracas stripped DP Delta Finance BV—owned by the heirs of the late businessman Oswaldo Cisneros—of its exploitation rights and proceeded to transfer control of the fields to the U.S.-based Pacific Coast Energy Co.

The concession, which covered the joint venture Petrodelta with the state-owned PDVSA and was set to remain in effect until 2042, was revoked through an administrative procedure.

The Ministry of Hydrocarbons justified the measure by alleging failures to comply with production and investment plans, a decision that left the company stripped of its rights and suffering an estimated $2 billion loss.

"The Ministry of Popular Power for Petroleum initiated the revocation, and they are responsible for the confiscation," Juan Domingo Alfonso Paradisi, DP's legal representative, confirmed following the implementation of the government measure.

A pragmatic shift and transfer of resources to the U.S.

Caracas' move to revoke the concession from local investors and grant it to Pacific Coast Energy Co. stems from the government's need to align with Washington's energy policy demands.

Following the capture of Nicolás Maduro by U.S. forces in January, interim President Delcy Rodríguez has been under constant pressure from the Trump administration to prioritize opening the hydrocarbons sector to U.S. corporations.

To facilitate the transfer of these confiscated oil fields, Venezuela has moved to amend its oil legislation to make U.S. investment more attractive.

Prior to the expropriation, the sanctioned company extracted 12 million barrels of crude oil valued at $700 million and provided services worth $100 million without receiving payment from the government.