Energy multinationals expand production investments in Venezuela

Multinational energy companies are increasing their presence in Venezuela through new investment agreements aimed at boosting oil and gas production. Shell and British Petroleum (BP) have entered into agreements to exploit the Loran offshore gas fields in the Delta Platform, located near the maritime border with Trinidad. This consortium also includes XRG from the United Arab Emirates and UCC Holding from Qatar, with the long-term goal of exporting gas to Europe.

In the oil sector, Chevron has announced a strategic objective to increase its Venezuelan production by 50% by the end of 2028, targeting a total of 420,000 barrels per day. These developments occur under the framework of U.S. oversight in the country. Venezuela holds the world's largest proven crude oil reserves, estimated at approximately 303 billion barrels, which accounts for about 17% of the global total.