05/10/2026 by Daniel Tait
Raising Venezuelan oil production capacity will likely require massive investment in the restructuring effort being led by the United States.
Despite having the world’s largest proven oil reserves, there has been underinvestment in the industry for decades. This has led to actual oil production dropping from its peak of around 3.5 million barrels per day (bpd) in 1997. It currently produces around 1.25 million bpd.
With sufficient investment and greater drilling, this could rise to 2.58 million bpd by 2035.
US-based Chevron has existing operations in Venezuela and is expanding its presence following political changes. ExxonMobil, the maker of the Mobil SHC gear oil, is instead waiting on the sidelines as it pursues restitution for assets that were previously nationalised.
North American Blue Energy Partners (NABEP), however, has secured 100-year concessions to 65 billion barrels of proven oil reserves over 17 fields. NABEP is a privately held company run by Alejandro Betancourt, a businessperson who was born in Venezuela. This deal alone could lead to new investment worth $100 billion.
Energy research firm Rystad Energy, however, points to a lack of detail on funding:
“NABEP’s $100 billion figure represents a long-term funding requirement, not committed near-term capital, and the company has not disclosed a detailed financing structure. Rystad Energy favours investment programmes tied to established operators and defined assets over larger ambitions requiring substantial external capital.”
Venezuela certainly has the potential, but the recovery will ultimately depend on whether the country can attract the necessary investment.
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