Announced during a technical presentation at the Venezuela Energy Week Industry Showcase in Houston on August 19, the program will provide up to 51,000 km of new 2D seismic, gravity and magnetic data, creating a comprehensive geoscience platform for companies evaluating Venezuela’s offshore basins and supporting exploration beyond established discoveries.

“Geoex MCG is the only company with an exclusive contract with Venezuela to process new MC2D seismic data,” said Geoex MCG Chief Geoscientist Jennifer Masi. “Our new program will cover existing structures for better delineation and extend into unexplored and frontier areas.”

For oilfield service companies, however, Venezuela offers a more immediate opportunity through the rehabilitation of existing production. During a panel session at the Industry Showcase, David Reed, Executive Vice President, Weatherford said it is expanding its Venezuela activity around technology and services, while Baker Hughes sees opportunities in artificial lift, power generation and equipment maintenance across its established Venezuelan installed base.

Reed described the opportunity as a reactivation of an existing industrial base rather than a conventional market return, saying “We shouldn’t look at Venezuela as a market re-entry – we should look at it as a reactivation.”

Weatherford’s approach also reflects Venezuela’s existing technical workforce, with international companies expected to supply specialized technology and services rather than replace domestic personnel. That creates opportunities across well intervention, artificial lift, drilling, automation and production optimization as operators restore mature fields.

Supply-chain capacity will be equally important as drilling and field rehabilitation accelerate. Baycor International is focused on the Houston-Venezuela corridor, where its logistics platform supports equipment, project cargo and industrial movements between U.S. suppliers and Venezuelan operators.

Baycor International President Jorge A. Aponte said expanding access to acreage and licensing opportunities would help convert Venezuela’s resource base into investable projects. “To alleviate or expand more opportunities for licensing will help Venezuela commercialize its prospects,” he said.

Meanwhile, SLB is targeting the technical requirements of that development cycle through reservoir studies, subsurface characterization and digital field technologies. The company is also positioned to support operators seeking to improve recovery from Venezuela’s mature producing assets without immediately committing to large greenfield developments.

President of SLB México, Central America and Venezuela William Antonio said the country has the resource and industrial foundations to support renewed activity but needs additional external capabilities, describing that Venezuela “has what it takes to bring it to the next level.”

Baker Hughes is similarly targeting the infrastructure requirements behind production growth, particularly power generation, artificial lift and rotating equipment. Its existing Venezuelan equipment base gives the company an established platform as operators seek to restore reliability and expand output.

German Gomez, Latin America Project Development & Venezuela Corporate Director, Baker Hughes, pointed to growing transaction activity and increasing confidence among international companies. “These days, we are seeing important acquisitions and a sustained level of entry and an excitement to support development and energy growth.”

The emerging opportunity extends across the entire upstream value chain, from seismic and basin evaluation to drilling, field services, equipment, power and logistics. Venezuela Energy Week – organized by Energy Capital & Power and taking place February 22–25, 2027 in Caracas – is positioning these companies alongside government and operators as the country works to convert its resource base into sustained production and investment.

To register to attend visit, https://www.venezuelaenergyweek.com/delegate-packages, and to sponsor and exhibit visit, https://www.venezuelaenergyweek.com/sponsor