AEC backs Venezuela’s push to attract upstream investment

Venezuela is seeking to attract more upstream investment as recent reforms provide a clearer framework for oil and gas development, the African Energy Chamber (AEC) said after meetings with senior Venezuelan officials.

AEC executive chairman NJ Ayuk and senior vice president Verner Ayukegba met Venezuela’s Acting President Delcy Rodríguez, Hydrocarbons Minister Paula Henao, PDVSA president Héctor Obregón and other officials, according to an AEC statement on August 6.

The talks focused on attracting international investment, speeding up project development and strengthening technical cooperation across the oil and gas value chain. The parties also discussed training, reducing gas flaring and expanding access to liquefied petroleum gas, with the aim of improving energy access and living standards.

The AEC welcomed recent reforms to Venezuela’s energy sector, saying they could help create a more competitive environment for investors. In July, Venezuela published regulations governing its Organic Hydrocarbons Law, which the chamber said provided greater clarity on how future oil and gas projects would be structured and managed.

“Venezuela possesses one of the world’s greatest hydrocarbon resource bases, but resources alone do not create prosperity. What creates prosperity is a shared commitment between governments and investors to develop those resources through stable policies, long-term partnerships and sustained investment,” Ayuk said.

“President Rodríguez is sending a strong signal to international investors: Venezuela is open for investment, committed to collaboration and ready to usher in a new era of hydrocarbon development.”

The new regulations could help Venezuela revive production and strengthen its position as a major oil supplier. The AEC said international operators were returning to the market and exports had reached 1.25 million barrels per day (bpd), their highest level in years. Companies including Chevron (NYSE: CVX), ExxonMobil (NYSE: XOM), ConocoPhillips (NYSE: COP), Shell (LSE/NYSE: SHEL) and BP (LSE/NYSE: BP) are expanding their presence in Venezuela.

The scale of the investment required remains significant. Industry estimates cited by the AEC suggest Venezuela will need about $183bn in upstream and supporting infrastructure investment between 2026 and 2040 to reach a production target of 3mn bpd. About $53bn of that would be needed to maintain existing production.

Brownfield projects could provide some of the fastest gains, with an estimated 300,000 to 350,000 bpd potentially recoverable through relatively low-cost interventions, the AEC said. Longer-term growth would require substantial spending on new developments. Annual capital expenditure of about $8bn to $9bn would be needed through 2040 to support production of 2mn bpd by 2030 and 3mn bpd by 2040.

Ayuk said the AEC was prepared to help connect Venezuela with investors, operators and strategic partners able to provide the capital, technology and expertise needed to expand production.

The meetings follow an MoU signed in February 2026 between the AEC, PDVSA and Venezuela’s Ministry of Hydrocarbons to strengthen cooperation in upstream development, refining, investment promotion and technical skills. The initiatives aim to attract investment, develop Venezuela’s hydrocarbon resources and support economic growth, improved energy access and long-term national development.