Venezuela’s upstream oil sector is experiencing a resurgence, with a diverse range of international operators showing renewed interest. Major firms like Chevron, Eni, and Shell are expanding their operations, while new players such as GeoPark and Hunt Oil are entering the market under updated contractual terms. Rystad Energy forecasts Venezuelan crude production could reach 1.6 million barrels per day (bpd) by 2028, potentially rising to 1.8 million bpd by 2030, provided that investment and operational capabilities align.
Despite a promising outlook, challenges remain, particularly regarding rig availability. Currently, only two active drilling rigs operate in Venezuela, while the government aims for around 93 by 2028. Investment programs favor established operators and existing assets, with new entrants demonstrating the potential for boosting production through revived operations.
As brownfield projects lead immediate growth, attention will shift towards new developments in the 2030s. The involvement of more international operators and service companies may further accelerate production capabilities, contingent on successful capital deployment and infrastructure rebuilding.
For more insights and details, Rystad Energy offers a comprehensive exploration of their findings through their Upstream Solution.
