Venezuela Oil Output Poised for Significant Growth
Venezuela's oil output is poised for significant growth in the coming years, according to Rystad Energy. The company models Venezuelan crude production reaching around 1.6 million barrels per day (bpd) by 2028 and 1.8 million bpd by 2030. This growth is attributed to a broad pool of international operators and capital entering the country's upstream oil sector.
The roster of companies expanding or operating in Venezuela includes established majors such as Chevron, Eni, Repsol, and Shell, as well as new entrants like GeoPark, Hunt Oil, and Fluxus Oil. These companies have outlined significant investment plans, with Chevron committing over $7 billion over five years.
Rystad Energy estimates that activity would need to reach around 50 rigs by 2028 and nearly 80 by 2030 to support the modeled production pathway. While near-term growth will be predominantly brownfield-led, greenfield-led growth is expected to follow in the 2030s, anchored by projects such as Chevron's Ayacucho 8 and Eni's Junin 5.