Venezuela's Energy Sector Sees Major Growth with New Projects

A new phase of energy projects in Venezuela has begun, aiming to expand oil production, recover assets, and strengthen infrastructure. Chris Wright's visit to the country coincides with this development.

Chevron, Eni, ONGC, GeoPark, and GE Vernova are among the companies involved in these initiatives, which could contribute to more than doubling crude oil production over the coming years. Currently, Venezuela produces around 1.1-1.2 million barrels per day (bpd), but projects under development raise the possibility of significantly increasing this volume.

The industrial scope extends beyond new agreements. The reliability and mechanical integrity of infrastructure, such as flow stations, separators, and pipelines, will be crucial in turning investment into production. The Orinoco Oil Belt, where heavy and extra-heavy resources predominate, requires specific production, dilution, and transportation conditions.