Venezuela Seeks U.S. Investment to Revive Oil Sector

Venezuela is seeking significant U.S. investment to rebuild its decaying oil infrastructure and revive an economy crippled by decades of mismanagement. Following the January ouster of Nicolás Maduro, national oil production has remained just above one million barrels a day, a sharp decline from the 3.2 million barrels produced in the late 1990s.

Delcy Rodríguez, the acting president leading an unelected interim administration, is partnering with the United States to attract capital. At a recent investor conference in Caracas, U.S. officials cited deals with Chevron and GE Vernova as evidence of a reviving sector. In the Lake Maracaibo region, Pacific Coast Energy Holdings LLC has begun a program to reactivate 900 wells in the city of Cabimas.

Despite these efforts, energy executives report substantial obstacles, including chronic power outages, a shortage of experienced contractors, and the complexities of navigating U.S. sanctions. Some citizens and critics have expressed frustration that the U.S. is prioritizing lucrative energy contracts over a formal democratic transition.