The analysis points to a key factor shaping the pace of Venezuela’s recovery: access to the equipment, services and technical expertise required to translate investment momentum into sustained production growth. Venezuela’s Oil Ministry has set a target of 93 active drilling rigs by 2028, primarily focused on the Orinoco Belt. Yet activity remains limited, with the Baker Hughes rig count recording only two active rigs at the end of March, both supporting Chevron-led operations. Closing this capacity gap represents one of the most significant opportunities emerging from Venezuela’s upstream reopening.

As operators, investors and service companies evaluate Venezuela’s next investment cycle, partnerships will be central to converting production ambitions into operational reality. Venezuela Energy Week, taking place from October 26-29 in Caracas, will bring together government stakeholders, operators, investors and oilfield service providers to explore the technologies, partnerships and investment models supporting the country’s energy revival.

Restarting Capacity, Unlocking Growth

The first phase of Venezuela’s recovery is expected to focus on reactivating existing infrastructure and optimizing mature assets. Rather than requiring entirely new development campaigns, operators are prioritizing the return of existing fields and equipment to production.

Recent activity highlights this approach. At least nine land rigs with capacities of 500 to 1,500 horsepower have reportedly been brought out of storage, according to Reuters, with additional units undergoing technical evaluations as operators assess the fastest pathways to increase output.

Chevron’s operations demonstrate the potential of this brownfield-led strategy. Rystad’s analysis identifies the company as a key contributor to forecast IOC-led production growth, with gains expected to come largely from optimizing existing joint ventures. Chevron’s exports increased from approximately 100,000 barrels per day in December to 300,000 barrels per day in March, supported by the reactivation of existing production capacity. As Venezuela moves from initial production recovery toward longer-term expansion, however, the requirements will extend beyond restarting idle equipment.

Building the Next Generation of Oilfield Capacity

Venezuela’s production ambitions will require a broad ecosystem of service providers capable of supporting drilling, maintenance, well optimization and infrastructure upgrades. Demand is expected across the oilfield services value chain, including drilling rigs, artificial lift systems, well completion technologies, pumps, valves, compressors and digital solutions designed to improve operational efficiency across mature assets.

For international service companies, equipment manufacturers and specialized contractors, Venezuela’s reopening presents an opportunity to establish new commercial partnerships in a market with significant resource potential and substantial operational needs.

Major oilfield service providers are already monitoring the market. SLB and Halliburton, which scaled back operations following the introduction of U.S. sanctions in 2019, have indicated interest in future opportunities as commercial conditions evolve. Smaller operators and contractors are also positioning for activity, with France’s Maurel & Prom advancing plans to install a drilling barge at Lake Maracaibo this year.

The challenge ahead is not simply increasing production, but ensuring Venezuela has the technical capacity, equipment availability and supply chain support required to sustain growth over time. As these opportunities take shape, Venezuela Energy Week 2026 will provide a platform for operators, service companies, investors and policymakers to identify the partnerships required to support the country’s next phase of energy development.

With production growth dependent on the companies capable of supplying the expertise, equipment and services needed to accelerate recovery, Venezuela’s next chapter will be shaped not only by the barrels it can produce – but by the partners helping to unlock them.

Supporting Venezuela's Earthquake Recovery

Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela.