AAPG joins Venezuela Energy Week at a pivotal moment for Venezuela's upstream sector, as policy reforms and renewed international engagement place the country's world-class resource base back in the global investment spotlight. With one of the largest hydrocarbon endowments in the world and growing industry activity, Venezuela continues to attract increasing interest from operators and investors seeking long-term opportunities.

Home to an estimated 303 billion barrels of proven oil reserves – the largest globally – and more than 195 trillion cubic feet of natural gas, Venezuela combines exceptional resource potential with decades of geological knowledge and prolific petroleum systems. Key plays include the La Luna-Querecual formations and major offshore gas provinces in the Golfo de Venezuela, Golfo de Paria and Plataforma Deltana basins, while historical offshore exploration success rates exceeding 45% underscore the country's long-term exploration potential.

As one of the world's leading geoscience organizations, AAPG supports knowledge sharing and professional collaboration across the global upstream industry. Its participation as a supporting organization reflects the growing international engagement surrounding Venezuela's evolving energy sector and the opportunities emerging across exploration and production.

Industry activity is already accelerating across the country. Repsol is expanding operations around Lake Maracaibo, Chevron continues advancing development across its core Orinoco Belt assets, while Shell and BP are progressing major offshore gas projects that reflect growing international confidence in Venezuela's resource base and long-term energy potential.

This renewed momentum is supporting steady production growth, with Venezuelan crude output reaching approximately 1.25 million barrels per day and further increases expected as investment and project activity continue to expand.

With AAPG joining as a supporting organization, Venezuela Energy Week 2026 continues to strengthen its network of international partners, bringing together policymakers, operators, investors and industry stakeholders to explore the commercial opportunities shaping Venezuela's next chapter of upstream development.

Supporting Venezuela's Earthquake Recovery

Energy Capital & Power’s 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.