Venezuela Oil Output Projected to Reach 1.8 Million Bpd by 2030
Venezuela's oil production is set to reach new heights thanks to a surge in international investment. Rystad Energy models production reaching around 1.6 million barrels per day by 2028 and 1.8 million bpd by 2030, with Chevron, Eni, Repsol, Shell, and other majors expanding their footprints.
Established operators are taking on larger roles, while new entrants like GeoPark, Hunt Oil, and Fluxus Oil, Gas & Energy are entering the market. NABEP's $100 billion funding requirement is a long-term target, not near-term capital, according to Rystad Energy.
The transition to greenfield-led growth will follow in the 2030s, with Chevron's Ayacucho 8, Eni's Junin 5, and NABEP's Orinoco blocks driving production. Continental Resources has signed a preliminary agreement for Ayacucho 2, ExxonMobil is in discussions over a potential return.