By 1971 Venezuela had begun to take steps to curb the influence of the foreign concessionaires who, since their arrival after World War I, had been exploiting the country's oil fields. The state barred the sale of additional concessions, nationalized concessions already sold but not yet exploited, and set a timetable for expropriation of ongoing operations. The government again allowed foreign investment in oil exploration and production in 1995.

Since the nationalization of the industry, Petróleos de Venezuela has been engaged in the exploration, refining, and marketing of oil, petrochemicals, and natural gas, including the export of petroleum and petroleum products.