Taking place from February 22–25 in Caracas, VEW 2027 will bring together international investors and domestic industry stakeholders under the patronage of Acting President Delcy Rodríguez, the Ministry of Hydrocarbons and Petróleos de Venezuela (PDVSA). Local Procurement Day will help translate these high-level investment ambitions into opportunities for businesses across the supply chain.

Procurement discussions will provide insight into upcoming capital expenditure programs, anticipated equipment orders and service requirements, helping businesses identify where their capabilities match project priorities. This gives smaller engineering, fabrication, transport and maintenance firms a clearer route into major developments.

Supplier qualification will be another important part of the marketplace. International operators and service providers work to demanding technical, safety and compliance standards, while businesses seeking public-sector contracts must navigate Venezuela's National Public Procurement System. Understanding these requirements early can help domestic suppliers prepare documentation, strengthen operational capabilities and compete for larger contracts.

Venezuela's revised Organic Hydrocarbons Law has introduced more flexible operating arrangements, including Hydrocarbon Productive Participation Contracts, giving private operators greater responsibility for investment and production. Understanding how these agreements govern revenue, procurement and subcontractor payments will be essential for local businesses.

The changes are already attracting substantial commitments. GeoPark's planned $7-billion investment in the Bare heavy oil field, alongside Eni's transition to a 25-year Contrato de Participación Productiva de Hidrocarburos for Junín-5, illustrates the scale of capital entering the upstream sector. Both developments create potential demand for Venezuelan contractors capable of supporting drilling, well rehabilitation and field operations.

PDVSA's contracting program offers another indication of the opportunities ahead. The company reported 61 definitive oil contracts signed out of a targeted 105 as of October 9, leaving 44 negotiations underway. With the remaining agreements expected to advance development across the country's oil sector, suppliers have an opportunity to position themselves before procurement activity gathers pace.

The wider investment picture extends beyond upstream production. Venezuela's $76-billion, five-year energy program encompasses oil and gas development, offshore projects, refining and power infrastructure. Cross-border gas developments involving companies such as bp and offshore partners, alongside plans to attract private investment into electricity generation, could create additional opportunities for marine contractors, equipment manufacturers and engineering firms.

The procurement marketplace also complements VEW's dedicated Deal Room, which opened registration on October 23 to facilitate joint ventures, service agreements and offtake partnerships. Together, these platforms can help connect international capital with domestic commercial capacity, moving conversations beyond investment announcements towards identifiable projects, qualified suppliers and potential contracts.

For Venezuelan businesses, the opportunity is to become active participants in the country's energy expansion rather than simply watching international investment arrive. By connecting suppliers directly with the companies developing and operating projects, Local Procurement Day can help turn Venezuela's investment ambitions into commercial relationships, stronger domestic supply chains and opportunities for long-term industrial growth.

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.