AEC backs Venezuela energy push as Caracas conference targets investors

The African Energy Chamber is urging global operators, financiers and technology firms to look at Venezuela as the country reopens its oil and gas sector. The push centers on Venezuela Energy Week in Caracas on Oct. 26-29, where officials and companies will court investment for projects tied to the world’s largest proven oil reserves.

Why it matters: - Venezuela is trying to turn policy reform into fresh capital for a sector with huge resource potential. - The country is seeking investment to revive production, repair infrastructure and rebuild a broader energy economy. - The effort could open opportunities across upstream, midstream, refining and gas monetization. - The African Energy Chamber sees the reopening as a major test case for international energy investment in Latin America.

What happened: - The African Energy Chamber called on global operators, financiers and technology providers to invest in Venezuela. - The chamber backed Venezuela Energy Week 2026, which will be held Oct. 26-29 in Caracas. - The chamber will also support VEW roadshow events in London on July 30 and Houston on Aug. 18. - The conference has the support of Venezuela’s Ministry of Hydrocarbons and state oil company PDVSA.

The details: - Venezuela holds more than 300 billion barrels of proven oil reserves and 195 trillion cubic feet of natural gas. - The country is pursuing a phased redevelopment plan for undeveloped mega-projects, shut-in wells and higher output. - The stated production target is up to 3 million barrels per day. - Recent hydrocarbon reforms include lower fiscal burdens, expanded production-sharing mechanisms, stronger arbitration protections and more operational control for foreign operators. - The Orinoco Belt and Maracaibo Basin are among the basins drawing renewed interest. - Shell is preparing for 2027 drilling at the Dragon offshore gas project. - bp entered the market in April through an agreement to develop the Cocuina-Manakin offshore gas field. - Repsol plans to increase production from its Venezuelan assets. - Eni is relaunching a heavy crude project in the Orinoco Belt. - Maurel & Prom is positioning itself as a partner for assets such as Urdaneta Oeste. - Vitol has renewed its engagement with the country. - Venezuela’s refining capacity is nearly 1.3 million barrels per day, but only 35% is operating. - More than $100 billion is needed to rehabilitate the oil and gas sector.

Between the lines: - The chamber is framing Venezuela as a market where early movers could gain access to large resource volumes at a time of changing rules. - The presence of international majors and traders suggests some investors are already testing a return, even as the market remains high-risk. - The focus on refining and gas monetization signals that Venezuela’s reopening is about more than crude output. - NJ Ayuk linked the investment case to rebuilding after a devastating earthquake, underscoring the broader economic stakes.

What's next: - VEW is expected to connect policymakers, operators and financiers with Venezuelan projects. - The conference aims to unlock billions of dollars in potential deals. - More investor interest is likely to hinge on whether reforms hold and whether companies can translate access into workable commercial terms. - The next key signals will likely come from project commitments, financing discussions and follow-on operator entries.