Various estimates agree that Venezuela will need to generate more than $100 billion over the next decade to restore its oil production capacity. File Photo by Henry Chirinos/EPA
April 27 (UPI) — The U.S. chargé d’affaires in Caracas urged Venezuela’s private sector to seize what he described as a “historic opportunity” in the oil industry, as Washington pushes to revive the country’s energy sector.
In a post on X, John Barrett, wrote that private investment, including that of U.S. companies, will be key to positioning Venezuela as a relevant energy player in the region.
The message comes within the framework of the three-phase plan promoted by President Donald Trump, which includes the stabilization, recovery and subsequent transition of Venezuela, including opening the energy sector to U.S. companies.
El sector privado, incluyendo la inversión innovadora de los Estados Unidos, es el motor de la transformación de Venezuela en un centro energético mundial, y un pilar esencial para la estabilización y la recuperación económica, elementos clave del plan de tres fases del @POTUS… pic.twitter.com/J3Car7R1uQ— Embajada de los EE.UU. en Caracas (@usembassyve) April 27, 2026
The U.S. chargé d’affaires’ comments came Monday during the Venezuela Energética 2026 forum, organized by the Venezuelan Oil Chamber, in Caracas.
As part of that approach, the U.S. Embassy announced creation of a commercial information center by the International Trade Administration.
The tool is aimed at guiding companies interested in the Venezuelan market, especially on issues such as sanctions, export controls and operating conditions.
This shift in the bilateral relationship parallels approval of a new Hydrocarbons Law in Venezuela intended to attract foreign capital after years of restrictions.
Even so, within the sector there is a cautious assessment of its real impact.
For economist Carolina Pagliacci, the legal change is a first step, but its effectiveness will depend on whether it translates into clear and sustained rules. Without that foundation, she warned, it is difficult to generate investor confidence, the online news outlet Efecto Cocuyo reported.
Francisco Monaldi, an energy specialist, raised a similar concern, saying the current framework remains incomplete and needs key definitions, such as regulations and contract models, before it can consolidate as a reliable environment for long-term investments.
The main obstacle, however, is the scale of the investment required.
According to EconoJournal, various estimates agree that Venezuela will need to generate more than $100 billion over the next decade to restore its oil production capacity.
The consulting firm Rystad Energy estimated that reaching production close to 3 million barrels per day by 2040 would require about $183 billion, including exploration, production and infrastructure. Even maintaining current levels of about 1.1 million barrels per day would require investments exceeding $50 billion.
In the short term, part of the recovery could be relatively quick.
Rystad said an increase of about 300,000 barrels per day is possible within two to three years with limited investment. But beyond that, growth becomes more costly: exceeding 1.4 million barrels per day would require between $8 billion and $9 billion annually for more than a decade.
Former Petróleos de Venezuela, S.A. manager Millán Arcia said that scenario is not as demanding and places total required investment at around $110 billion over a period of eight to nine years. Even so, he agreed that large-scale projects will depend on stable and predictable conditions.
