Local companies have already carved out a central role in the country’s recovery. PDVSA President Héctor Obregón said in October that production in the western Maracaibo basin had reached 370,000 bpd, compared with around 70,000 bpd four years ago, and credited the increase to cooperation between local companies, private operators and investors. PDVSA has signed 61 production participation contracts and is negotiating an additional 44, with each agreement generating new demand for services in the field.

Mature fields are offering the most immediate openings. Talking to Bloomberg, Roy Biagioni, president of the Zulia chapter of the Venezuelan Petroleum Chamber, estimates that between 5,200 and 5,500 wells in Zulia could return to production relatively quickly, adding as much as 400,000 bpd if fully reactivated. A campaign of that scale calls for maintenance crews, equipment suppliers and transport providers, among other services. Operators will also need more than 400 vessels for marine operations, according to José Menegaldo of Zulia-based supplier SM Baralt.

Acting President Delcy Rodríguez has said the agreements will create work in food services, hospitality, equipment leasing, security and professional services, supporting 324,000 direct, indirect and induced jobs.

VEW 2027 gives SMEs direct access to the operators and international service companies that are now awarding work. Through a dedicated exhibition, B2B meetings and networking sessions, smaller firms can build relationships with major operators, identify new customers and form partnerships with larger contractors, allowing them to bid for higher value projects.

With 44 contracts still in negotiation and PDVSA targeting national output of 1.5 million bpd by the end of 2027, operators will continue expanding their supplier bases through the coming year. VEW 2027 places Venezuelan SMEs in conversation with those operators as procurement decisions are made.

Venezuela Energy Week 2027 takes place February 22–25 at the Simon Bolivar Convention Center in Caracas. Organized by Energy Capital & Power and taking place under the patronage of Acting President Delcy Rodríguez, PDVSA and the Ministry of Hydrocarbons, VEW is the country’s flagship oil and gas investment platform. To register or learn more about sponsorship and speaking opportunities, visit www.venezuelaenergyweek.com.