The announcement follows the release of the EIC's tenth Survive & Thrive report on August 4, which underscores a decisive shift across global energy markets. The study found the share of supply chain companies pursuing renewable projects fell from 59% to 48%, as delayed energy transition timelines and growing energy security concerns redirected investment toward oil and gas.

The findings reinforce Venezuela's renewed appeal. With hydrocarbons once again dominating global capital expenditure, international contractors, manufacturers and technology providers are increasingly targeting markets offering large-scale upstream redevelopment, infrastructure upgrades and long-term project pipelines.

Representing more than 950 member companies, the EIC has spent more than 80 years connecting suppliers with energy projects worldwide. Through its EICDataStream platform, the organization tracks thousands of projects across oil and gas, power, hydrogen, carbon capture, nuclear and renewables, providing members with market intelligence and commercial opportunities.

Venezuela has rapidly emerged as one of those opportunities. Regulations signed into law on July 7 completed implementation of sweeping amendments to the Organic Hydrocarbons Law approved earlier this year, replacing decades-old state-controlled operating models with a framework designed to attract private capital, technology and international expertise.

The reforms allow private operators to manage procurement, logistics and field development through Production Participation Contracts while expanding operational authority within mixed companies. International operators can now exercise greater control over project execution, banking, procurement and contractor selection, creating substantially broader opportunities across the global supply chain.

The new framework also creates immediate demand for industrial services. Operators must provide independent electrical power for upstream facilities while deploying associated gas capture and utilization systems, driving investment in generators, microgrids, compression equipment, gas processing technologies and supporting infrastructure

Commercial reforms further strengthen the investment case. Flexible royalty rates, a simplified tax structure, expanded foreign currency banking rights and updated U.S. licensing measures have streamlined procurement while improving access to equipment, software, engineering services and critical diluents required for heavy crude production.

As Supporting Partner, the EIC will strengthen Venezuela Energy Week's engagement with the international supply chain, helping connect global expertise with one of the energy industry's fastest-growing investment frontiers while supporting the partnerships required to rebuild and expand Venezuela's oil and gas sector. Venezuela Energy Week takes place in Caracas from February 22–25, 2027.