Venezuela’s oil sector is experiencing renewed interest from international operators and investors, marking the broadest participation in decades. Energy analysis firm Rystad Energy projects that crude production could rise to approximately 1.6 million barrels per day by 2028 and reach 1.8 million bpd by 2030, contingent on adequate capital deployment, rig availability, and oilfield services scaling.
The investor landscape has expanded significantly, with established majors including Chevron, Eni, Repsol, and Shell deepening or re-establishing operations under revised contractual arrangements. Chevron has added two areas to its portfolio with more than $7 billion planned investment over five years. Eni assumed exclusive operatorship of Junin 5 under a 25-year production participation contract. New market entrants include regional and international independent operators such as GeoPark, Hunt Oil, Fluxus Oil, and Blue Energy Partners, which has substantially expanded its position across 17 producing and development areas.
A significant operational constraint exists in drilling capacity. Baker Hughes reported only two active rigs in Venezuela as of August, while the Hydrocarbons Ministry targets approximately 93 rigs by 2028. Rystad estimates approximately 50 rigs would be needed by 2028 and nearly 80 by 2030 to support projected production levels. However, SLB has around 15 rigs positioned in Venezuela that could potentially be reactivated within a year, and the oilfield services supply chain is beginning to rebuild.
Immediate production growth will primarily come from brownfield development through field rehabilitation, well reactivations, and infill drilling. Blue Energy Partners’ Lake Maracaibo assets demonstrated this potential, with production from former operations rising from roughly 90,000 bpd to approximately 200,000 bpd. Greenfield-led expansion is expected in the 2030s, anchored by major projects from Chevron, Eni, and Blue Energy Partners.
Rystad’s upside scenario models Venezuelan production potentially reaching 2.58 million bpd by 2035. Additional operators including Continental Resources, ExxonMobil, TotalEnergies, and Turkish-linked investors are pursuing opportunities, while service providers such as Halliburton have signed development agreements. Production growth remains dependent on sustained capital investment and the country’s capacity to rebuild infrastructure and services.
Article Attribution | Read More at Article Source
Article summary produced by Claude AI