Choose Venezuela: African Energy Chamber Urges Global Investors to Back Country’s Energy Comeback
The African Energy Chamber (AEC) is calling on global operators, financiers, and technology providers to invest in Venezuela as the country reopens its energy sector and positions its vast hydrocarbon resources for renewed international development. Backed by strategic reforms and a commitment to long-term global partnerships, the nation is preparing for its next major energy phase.
The AEC is backing the upcoming Venezuela Energy Week (VEW) Conference and Exhibition, scheduled for October 26-29 in Caracas. The premier event will convene government leaders, international energy companies, and financiers to chart the country’s energy future. The AEC will also support VEW’s global roadshow events taking place on July 30 in London and August 18 in Houston.
“Venezuela has reformed and demonstrated its commitment to global partnerships. Now we need to invest and work with its citizens to build the country, especially after the devastating earthquake,” states NJ Ayuk, Executive Chairman of the AEC. “VEW signals a new era of energy investment, with a goal to unlock billions of dollars’ worth of deals.”
Reforming and Rebuilding the Hydrocarbon Sector
With the full support of Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA, VEW 2026 arrives at a critical juncture. Home to the world’s largest proven oil reserves at over 300 billion barrels—alongside 195 trillion cubic feet of natural gas—the country is embarking on a phased redevelopment strategy. The goal is to accelerate undeveloped mega-projects, reactivate shut-in wells, and restore production to up to 3 million barrels per day (bpd).
The strategy is underpinned by regulatory reforms designed to improve the investment climate, including:
- Reduced fiscal burdens and expanded production-sharing mechanisms
- Strengthened arbitration protections
- Increased operational control for foreign operators
Major international players are already making moves. Shell is preparing for 2027 drilling at the Dragon offshore gas projects, bp entered the market in April to develop the Cocuina-Manakin field, and Repsol has announced plans to increase production. Additionally, Eni is relaunching a heavy crude project in the Orinoco Belt, while Maurel & Prom is positioning itself as a strategic partner for assets like Urdaneta Oeste.
Venezuela’s mid- and downstream markets are evolving in parallel. With refining capacity of nearly 1.3 million bpd operating at roughly 35% utilization, immediate opportunities exist in refining rehabilitation and downstream expansion. With over $100 billion required to overhaul the nation’s oil and gas sector, VEW aims to bridge the gap between available capital and actionable projects across Africa and global markets.
“Venezuela has one of the world’s largest hydrocarbon resource bases, and its re-engagement with international investors has the potential to reshape energy investment across Latin America,” Ayuk added.
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