That local ecosystem – built during previous investment cycles and responsible for delivering some of Venezuela's largest oil, gas and refining projects – is now positioning itself for a new chapter. Venezuela Energy Week, taking place in Caracas from February 22-25, 2027, will bring these companies together with international operators, investors, EPC contractors and technology providers seeking experienced local partners.

Rather than relying on new megaprojects, Venezuela's near-term recovery is expected to come from rehabilitating existing assets. Rystad Energy estimates nearly two-thirds of forecast production growth through 2028 will be delivered by expanding existing IOC operations, creating immediate demand for EPC contractors, field service companies and infrastructure specialists.

Venezuela has done this before. During the Apertura Petrolera era – the 1990s investment opening that brought international oil companies back into the country – domestic companies played leading roles in projects including the Hamaca Heavy Oil Project, the Petromonagas upgrader, the Anaco gas expansion and the Corocoro offshore development. At its peak, local participation reached 84% in upstream facilities and 65% in downstream projects, demonstrating the depth of Venezuela's engineering and industrial capabilities.

Today, many of those capabilities remain in place. Companies such as Inelectra, Vepica and Inepetrol have decades of experience supporting upstream, downstream and offshore developments, spanning engineering, EPC delivery, project management and field operations. Beyond these firms sits a broader network of Venezuelan contractors specializing in well services, production optimization, artificial lift, maintenance and operations.

Industry organizations are also helping reconnect Venezuelan companies with international markets. The Venezuelan Hydrocarbons Association, which represents private companies operating across the hydrocarbons value chain, is supporting implementation of the country's new investment framework while strengthening collaboration between industry and government. Meanwhile, the Venezuelan-American Chamber of Commerce and Industry continues to facilitate commercial partnerships between Venezuelan businesses and international investors through initiatives including its Energy Committee.

For international operators entering Venezuela, identifying experienced local partners may prove just as important as securing acreage or financing. Through initiatives including its Farm-In/Farm-Out Forum and dedicated Deal Room, Venezuela Energy Week has been designed to bring together operators, investors, EPC contractors, technology providers and Venezuelan service companies to establish commercial partnerships across the energy value chain.

Ultimately, Venezuela's reopening is about rebuilding an ecosystem capable of designing, constructing and operating complex energy projects. As investment returns, many of the companies best positioned to support the country's next energy chapter are already on the ground.

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.