AEC Supports Venezuela’s Efforts to Attract Upstream Oil and Gas Investment
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Venezuela is intensifying its push to secure upstream oil and gas investments following the introduction of new energy sector reforms. The African Energy Chamber (AEC) has reiterated its backing for the nation’s hydrocarbon strategy during high-level discussions with Venezuelan government and industry leaders.
An AEC delegation, led by Executive Chairman NJ Ayuk and Senior Vice President Verner Ayukegba, held talks with Acting President Delcy Rodríguez, Minister of Hydrocarbons Paula Henao, and PDVSA President Héctor Obregón. The meetings focused on boosting international partnerships, accelerating upstream investments, and driving project development.
These discussions come after the July release of regulations implementing Venezuela’s Organic Hydrocarbons Law. The government designed these updates to establish a clearer regulatory framework, aiming to attract foreign capital and restore domestic production.
The AEC noted that the talks also addressed regulatory alignment, technical cooperation, workforce training, gas flaring reduction, and improving access to liquefied petroleum gas.
“Venezuela possesses one of the world’s greatest hydrocarbon resource bases, but resources alone do not create prosperity,” said Ayuk. “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 highlighted that Venezuela’s legislative reforms aim to build a highly competitive environment for international investors. According to industry projections cited by the chamber, Venezuela needs roughly $183 billion in upstream and infrastructure investments between 2026 and 2040 to reach its long-term production goal of 3 million barrels per day.
While brownfield redevelopment offers the fastest path to immediate production increases, the chamber emphasized that long-term output growth will require continuous investment in greenfield projects.
These latest meetings build upon a previously signed memorandum of understanding between the AEC, PDVSA, and Venezuela’s Ministry of Hydrocarbons, which established a framework for cooperation in upstream development, refining, investment promotion, and technical training.
