The African Energy Chamber (AEC) has reaffirmed its support for Venezuela’s efforts to attract upstream oil and gas investment following recent reforms to the country’s hydrocarbons sector.
The chamber’s position was stated during high-level meetings in Caracas with government and industry officials. An AEC delegation led by Executive Chairman NJ Ayuk and Senior Vice President Verner Ayukegba met with Acting President Delcy Rodríguez, Minister of Hydrocarbons Paula Henao, PDVSA President Héctor Obregón and other senior officials to discuss expanding international cooperation, accelerating upstream investment and advancing project development.
The talks followed the publication in July of regulations implementing Venezuela’s amended Organic Hydrocarbons Law. The government says the new rules are intended to provide a clearer framework for future oil and gas investment and support efforts to rebuild production. The regulations set out technical, operational, fiscal and oversight rules governing private-sector participation in the oil and gas industry, including revised royalty and tax regimes for greenfield, brownfield and extra-heavy oil projects.
According to the AEC, discussions also covered regulatory cooperation, technical collaboration, workforce development, gas-flaring reduction and expanded access to liquefied petroleum gas.
“Venezuela possesses one of the world’s greatest hydrocarbon resource bases, but resources alone do not create prosperity,” Ayuk said. “What creates prosperity is a shared commitment between governments and investors to develop those resources through stable policies, long-term partnerships and sustained investment.”
The chamber said Venezuela’s recent reforms are aimed at creating a more competitive investment environment as the country works to restore production and attract international capital. Industry estimates cited by the AEC suggest Venezuela will require approximately $183 billion in upstream and related infrastructure investment between 2026 and 2040 to achieve its long-term production target of 3 million barrels per day.
The AEC said brownfield redevelopment could provide the quickest production gains, while sustained investment in new developments would be needed to support longer-term output growth.
The latest meetings build on a memorandum of understanding signed earlier in the year between the AEC, PDVSA and Venezuela’s Ministry of Hydrocarbons to strengthen cooperation on upstream development, refining, investment promotion and technical capacity building.