The showcase will bring Venezuelan officials together with exploration and production companies, oilfield service providers, engineering firms, financial institutions and technology companies. At the showcase, Martínez will be positioned to outline PDVSA’s production priorities and investment requirements as Venezuela implements a new framework designed to make upstream projects more attractive to international partners.

Venezuela produced approximately 1.12 million barrels per day (bpd) in July, with the PDVSA targeting 1.37 million to 1.4 million bpd within two years. This ambition will require additional drilling, well reactivations, equipment and infrastructure investment. With more than 3,400 inactive wells having already been reactivated, recent production growth has come primarily from PDVSA operations and production participation contracts, alongside international joint ventures.

The recovery creates opportunities across the oilfield supply chain. Venezuela requires drilling equipment, artificial lift systems, pumps, valves, pipelines, storage infrastructure and digital technologies to restore aging assets and sustain higher production. At the same time, the country’s investment framework is changing. A revised hydrocarbons law introduced more flexible fiscal terms and variable royalties, while PDVSA is migrating existing partnerships into the new structure. Companies including Chevron, Eni and Repsol are progressing contract changes as Venezuela seeks to establish a clearer basis for long-term investment.

Natural gas will form another important part of Venezuela’s strategy, the country holds an estimated 192 trillion cubic feet (tcf) of reserves, but years of underinvestment have constrained production and infrastructure. The 4.2-tcf Dragon field could support gas exports to Trinidad and Tobago, while the Cocuina-Manakin area is attracting attention following the reopening of Venezuela’s non-associated gas sector to international companies.

The opportunities will take center stage at the Houston showcase, which comes ahead of Venezuela Energy Week’s main conference, scheduled for 22–25 February 2027 in Caracas. The Houston event provides companies capable of supply capital, technology and services a direct opportunity to engage with the PDVSA before the larger Caracas gathering next year.