Foreign Energy Firms Return to Venezuela Amid Shifting Policy

SLB plans to deploy AI-driven drilling software and import specialized rigs, while Texas-based Hunt Oil has secured a production contract. These moves follow interim president Delcy Rodríguez’s recent regulatory overhaul, which aims to improve fiscal terms for international partners. Despite holding roughly 303 billion barrels of oil, Venezuela currently contributes only one percent to the global supply due to years of systemic mismanagement and infrastructure decay.

For now, the industry is seeing a cautious entry by smaller independent firms rather than global supermajors. David Goldwyn of Goldwyn Global Strategies noted that while independents are moving to derisk projects, larger players remain on the sidelines, waiting for greater political and operational stability. Current projections suggest an incremental production increase of 300,000 barrels per day over the next year—a modest figure compared to the original, more ambitious targets set by officials in Caracas and Washington.

Despite the logistical hurdles, including frequent power outages and crumbling facilities, the trade link between the two nations is already firm. According to Under Secretary of Energy Kyle Haustveit, approximately 500,000 barrels per day are currently flowing from Venezuela to U.S. refineries. This volume accounts for nearly half of Venezuela’s total output of 1.25 million barrels per day, underscoring the strategic importance of this energy corridor even as full-scale revitalization efforts face significant risk.