The First and Second World War propelled oil to the rank of an essential component of industrial and transportation of the twentieth century, after the Second World War this panorama was irreversibly. The degree of relationship is so great between the oil and the model of global economic output that without the first the second would decline. The use of the petroleum as the main energy from the 20th century, has established the conditions of life different from those who existed long before the age of the petroleum. After 120 years of petroleum exploitation in Venezuela, nowadays the country with the biggest oil reserves, our approach to this enormous wealth rests primarily on the economic viewpoint. The reflection that is presented below is part of bigger research about the history of technology and Venezuelan oil industrial heritage. It has been realized as the final project of the master TPTI (Techniques, Patrimoine, Territoires de l’ industrie) which is directed by the University of Paris 1 Pantheon-Sorbonne in conjuction with the University of Evora and the University of Padua. Assuming that the study of a developing story is always complex , we have established an analysis on the evolution of the oil industry in Venezuela and the potential of Venezuelan oil industrial heritage: the multinational companies in Venezuela, the settlement and development of company towns, the State enterprise, etc., ending with a consideration of the Venezuelan industrial heritage and its future.