The African Energy Chamber (AEC) is calling on international operators, investors and technology providers to expand their presence in Venezuela as the country advances reforms aimed at reopening its oil and gas sector and attracting new upstream investment.
The organization said Venezuela’s regulatory changes, including reduced fiscal burdens, expanded production-sharing mechanisms, stronger arbitration protections and increased operational control for foreign operators, are intended to accelerate redevelopment of the country’s hydrocarbon resources. Home to more than 300 Bbbl of proven oil reserves and an estimated 195 Tcf of natural gas, Venezuela is targeting a phased increase in oil production to as much as 3 MMbpd through new field developments, reactivation of shut-in wells and investment in existing assets.
The AEC is supporting the upcoming Venezuela Energy Week conference and exhibition, scheduled for Oct. 26-29 in Caracas, describing the event as a platform to connect international operators, financiers and technology providers with new investment opportunities in the country. The conference is backed by Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA.
According to the chamber, several international companies have recently expanded or renewed their presence in Venezuela. Shell is preparing to begin drilling at the Dragon offshore gas project in 2027, bp entered the market earlier this year through the Cocuina-Manakin offshore gas development, while Repsol plans to increase production from its Venezuelan assets. Eni is advancing a heavy oil project in the Orinoco Belt, and Maurel & Prom is pursuing opportunities in the Urdaneta Oeste area.
Beyond upstream development, the AEC said opportunities also exist in refining and natural gas infrastructure. Venezuela’s refining system, with approximately 1.3 million bopd of installed capacity, is operating at roughly 35% utilization, while more than $100 billion in investment is estimated to be needed to rehabilitate the country’s oil and gas industry.
“Venezuela has one of the world’s largest hydrocarbon resource bases, and its re-engagement with international investors has the potential to reshape energy investment across Latin America,” said NJ Ayuk, executive chairman of the African Energy Chamber. “As regulatory conditions evolve and opportunities expand, the country must be increasingly backed by trade and investments that lift the people up.”