Venezuela Oil Output Could Hit 1.8 Million Bpd By 2030, Rystad Says
Shale Footprint After Devon Deal Talks Rystad Energy is an independent energy consulting services and business intelligence provider offering global databases, strategic advisory and research products for energy companies and suppliers,… 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 genuinely different from anything we have seen in years.
Established operators are taking on larger roles and new names are entering the market.
A wider group of operators should help mobilize the capital and activity needed to rebuild rigs, oilfield services and infrastructure across the entire supply chain.
Radhika Bansal, Senior Vice President, Oil and Gas, Rystad Energy Learn more with Rystad Energy’sUpstream Solution.
Chevron has added Carabobo-1 and Carabobo-2-Sur-A to its portfolio and outlined more than $7 billion in investment over five years.
Eni has taken exclusive operatorship of Junin 5 under a new 25-year production participation contract.
Repsol has regained operational control at Petroquiriquire, and Shell has re-entered through redevelopment agreements for Carito and Pirital.
New entrants include regional independent GeoPark, Texas-based Hunt Oil and Brazilian independent Fluxus Oil, Gas & Energy, while North American Blue Energy Partners (NABEP) has substantially expanded its existing position through a framework covering 17 producing and development areas.
Rystad Energy favors investment programs tied to established operators and defined assets over larger ambitions requiring substantial external capital.
NABEP’s $100 billion figure represents a long-term funding requirement, not committed near-term capital, and the company has not disclosed a detailed financing structure.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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