Venezuelan oil and gas: Repsol, ENI and Chevron are the key exposed names. In the wake of the US operation against Venezuela''s President Maduro and a push from the US administration to ''rebuild'' Venezuela''s oil sector, we break down which oil and gas majors are still on the ground and how deep their exposure runs. On an absolute production basis, Chevron remains the dominant operator, producing c. 77kboe/d largely from its stakes in the Boscan and Petropiar oil fields. Close behind, Repsol and ENI each produce nearly 50kboe/d, thanks to their equal-share ownership of the Perla gas field. When measured against each company''s total portfolio, Repsol stands out as the most exposed - Venezuelan assets account for roughly 9% of its overall group production. Meanwhile, the remaining companies no longer have any Venezuelan exposure, though Shell and bp are looking to develop the Dragon gas prospect for feed gas into Atlantic LNG. Litigation proceeds potential? ConocoPhillips and Exxon are still owed from the Chavez-era. As outlined in our Flash Note yesterday OIL and GAS: Venezuelan regime change. Oil export disruption hitting a floor?, COP, XOM, TTE and EQNR are amongst several IOCs whose assets were effectively expropriated in 2007 under President Chavez. Washington officials have signalled that potential compensation for these companies will be tied to re-investment in Venezuelan oil. COP is still meaningfully owed large unpaid compensation, up to USD12 billion, and to a lesser extent Exxon (USD1.7bn). ENI and Repsol have commented that gross Venezuelan receivables are ~EUR2bn and USD3-4bn respectively, albeit the balances have been materially written down in balance sheets. Any meaningful return of the oil and gas companies to Venezuela will likely take years. Whilst Venezuelan exports are likely now at a floor and the country still holds the world''s largest oil reserves, a rapid production rebound is unlikely. Decades of nationalisations,...