Venezuela Energy Week (VEW), taking place in Caracas on February 22-25, 2027, is the forum where that coalition converts interest into commitments. The VEW Houston Industry Showcase on August 19 will open that process to U.S. operators and investors.

Caracas has implemented a number of regulatory changes that differentiate this upstream opening from the 1990s apertura. The most significant is OFAC General License 50, issued in February 2026, which provides a compliance pathway for Chevron, Eni, Shell, Repsol and bp to resume and expand operations in Venezuela. Chevron has reached roughly 280,000 bpd across three joint ventures and expects to grow output by 50% by late 2028. Meanwhile, SLB signed a June 2026 MoU with PDVSA covering upstream development and workforce training, and Halliburton has completed facility visits and is negotiating commercial terms. Rystad Energy forecasts 194,000 bpd of additional production by 2028, with the country requiring as many as 93 active rigs to meet that target.

Alongside the returning IOCs and service companies, purpose-built private investment vehicles are entering at the earliest stage of the cycle. Apertura Energy, a Diamond Plus Sponsor of VEW, is raising up to £30 million to acquire Venezuelan upstream and infrastructure assets. The company is also expanding its operational footprint through the acquisition of a Brazilian oilfield services group, securing in-country capacity ahead of deployment.

Venezuela's reformed hydrocarbons framework supports that broadened entry, replacing more than 20 legacy taxes with a combined government take as low as 20% on greenfield projects. The framework also repeals the windfall and shadow taxes that had discouraged large-scale investment. Welligence Energy Analytics, the Official Strategic Intelligence Partner to VEW, has described the new terms as globally competitive, with production at approximately 1.2 million bpd and forecasts targeting 1.4 to 1.6 million bpd by end-2026. Analysis presented at the VEW London Industry Showcase in July projected that Productive Participation Contracts alone could deliver between 250,000 and 500,000 bpd.

The geopolitical base has also widened beyond the bilateral Caracas-Washington axis that defined the 1990s. India has deepened crude supply arrangements with Venezuela as part of a broader import diversification strategy, while Turkey is positioning as a trading hub linking Latin American barrels to European and Asian markets. Commodity traders Vitol and Trafigura have expanded their Venezuelan operations, reconnecting the country to global physical markets. VEW Industry Showcases in London and Caracas have drawn broad participation from across the Atlantic Basin, building commercial momentum ahead of VEW 2027.

Led by Hydrocarbons Minister Paula Henao and supported by PDVSA, the VEW Houston Industry Showcase on August 19 provides a preview of the investment conversations that will define the Caracas summit. To register, visit venezuelaenergyweek.com/rsvp-houston. To secure your place at Venezuela Energy Week 2027 in Caracas (February 22-25), contact info@venezuelaenergyweek.com.