(WO) — Venezuela is stepping up efforts to attract upstream oil and gas investment following recent energy sector reforms, with the African Energy Chamber (AEC) reaffirming its support for the country’s hydrocarbon development strategy during high-level meetings with government and industry officials.
The AEC delegation, led by Executive Chairman NJ Ayuk and Senior Vice President Verner Ayukegba, met with Acting President Delcy Rodríguez, Minister of Hydrocarbons Paula Henao, PDVSA President Héctor Obregón and other senior officials to discuss expanding international cooperation, accelerating upstream investment and advancing project development.
The meetings follow the publication in July of regulations implementing Venezuela’s Organic Hydrocarbons Law, which the government says are intended to provide a clearer framework for future oil and gas investment and support efforts to rebuild production.
According to the AEC, discussions also covered regulatory cooperation, technical collaboration, workforce development, gas flaring reduction and expanded access to liquefied petroleum gas.
“Venezuela possesses one of the world’s greatest hydrocarbon resource bases, but resources alone do not create prosperity,” Ayuk said. “What creates prosperity is a shared commitment between governments and investors to develop those resources through stable policies, long-term partnerships and sustained investment.”
The AEC said Venezuela’s recent reforms are aimed at creating a more competitive investment environment as the country works to restore production and attract international capital. Industry estimates cited by the chamber suggest Venezuela will require approximately $183 billion in upstream and related infrastructure investment between 2026 and 2040 to achieve its long-term production target of 3 MMbpd.
The chamber said brownfield redevelopment could provide the quickest production gains, while sustained investment in new developments will be needed to support longer-term output growth.
The latest meetings build on a memorandum of understanding signed earlier this year between the AEC, PDVSA and Venezuela’s Ministry of Hydrocarbons to strengthen cooperation on upstream development, refining, investment promotion and technical capacity building.
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