PreScouter analysis outlines $128.9bn plan for Venezuela oil output growth
Updated
Updated · PreScouter · May 5
PreScouter analysis outlines $128.9bn plan for Venezuela oil output growth
1 articles · Updated · PreScouter · May 5
The report projects production rising to 2.6 million barrels a day by 2037 across 134 fields, with Eastern Venezuela prioritised over the Orinoco Belt for faster, lower-risk restarts.
It says first new oil would take at least 26 months, with up to 52% of early spending going to roads, power, pipelines, water and gas processing rather than drilling.
PreScouter argues staged investment and proven fields such as El Furrial offer quicker payback, while Chevron's continued presence may give it an advantage if Venezuela's long-stalled oil rebuild advances.
Will rebuilding Venezuela's oil sector create an economic miracle or an environmental catastrophe?
With Guyana's oil boom next door, has Venezuela already missed its window for investment?
Venezuela’s Oil Sector Rebound: From 498,000 to 1.23 Million BPD Amid U.S. Sanctions Relief and $128.9B Investment Drive
Overview
In early 2026, the U.S. lifted key sanctions on Venezuela's oil industry and replaced restrictive licenses with a broad general license favoring American firms. This policy shift, combined with the end of a naval blockade, triggered a rapid surge in Venezuelan oil exports and production, boosting revenues significantly. Venezuela enacted major legal reforms and launched a $128.9 billion investment plan to attract foreign companies like Chevron and Repsol, aiming to increase output substantially. However, the recovery faces serious challenges from massive debt, degraded infrastructure, and political instability following the capture of Maduro. While production growth is expected, environmental concerns and geopolitical tensions add complexity to Venezuela's oil revival.