Venezuela Oil Output Could Hit 1.8 Million Bpd By 2030, Rystad Says

AI Summary

Venezuela's oil sector is attracting significant international investment, with major companies expanding operations under new contractual terms. Rystad Energy projects Venezuelan crude production could reach 1.6 million bpd by 2028 and 1.8 million bpd by 2030 if capital and services scale accordingly.

Venezuela’s upstream oil sector is attracting its broadest pool of international operators and capital in decades, with established majors expanding their footprints and new operators entering under revised contractual frameworks. If capital deployment, rig availability and oilfield services scale in line with requirements, Rystad Energy models Venezuelan crude production reaching around 1.6 million barrels per day (bpd) by 2028 and 1.8 million bpd by 2030. The roster of companies now actively looking to expand or operate in Venezuela is…