What changed
2026-08-04 17:03 UTC → 2026-08-05 03:59 UTC ·
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In early Early June 2026 the interim Venezuelan government accelerated offshore gas projects with BP and Shell, signed memoranda with Italy’s IILA, GE Vernova and the U.S. Energy Department, and pledged up to 5 GW of new generation capacity. President Delcy Rodríguez granted Shell a flexible contract for the Lora/Loran field and partnered with Schlumberger on AI‑driven exploration. On 11 After the magnitude‑6.2 quake on 24 June in Sucre, which caused extensive damage, the state sealed five several agreements with Shell covering the trans‑border Loran reservoir, Monagas North oil production and flaring reduction, while announced a Deal Room was announced for the October Venezuela Energy Week. The 24 June magnitude‑6.2 earthquake in Sucre caused dozens of deaths and extensive infrastructure damage, prompting urgent calls for grid reconstruction. A 23 June MoU with GE Vernova outlined a $20 billion plan to modernise the national power grid, and grid‑modernisation plan; on 10 July Rodríguez signed regulations ending ended PDVSA’s exclusive control over of the oil value chain, opening the sector to private investors. Colombia approved new legal interconnection frameworks for electricity interconnection with Venezuela and Ecuador on 11 July; on 14 July it issued further resolutions to modernise cross‑border power‑line rules, in mid‑July, while its Constitutional Court temporarily halted a binational Special Economic Zone pending congressional approval. Venezuela began energising the Termocarabobo thermoelectric plant on 14 July, began energising, targeting an initial 150 MW by 18 July and a total of 600 MW by the end of August after rapid high‑voltage transformer rehabilitation. August. On 16 July Rodríguez announced strategic agreements with Russia’s INSA and U.S. GE to restore roughly about 7,400 MW to the grid over four years, including re‑activating the Tocoma hydro plant and phased GE‑led capacity additions. plant. The following next day a high‑level Venezuelan delegation attended the World AI Conference in Shanghai, where reaffirming Venezuela’s commitment to ethical AI. In early August, Zulia’s electrical commission warned that without local generation the region faces prolonged rationing; repairing six thermal units could add roughly 700 MW at an estimated $168 million cost, though component lead times may delay the effort. Residents reported five‑ to six‑hour outages affecting health services. On 2 August Vice President Isabel Iturria reaffirmed Rodríguez inspected the country’s commitment Central Thermoelectric Plant Centro in Puerto Cabello, where China’s Machinery Engineering Corporation is modernising facilities as part of a plan to ethical, transparent AI for the Global South. add 4,800 MW of thermoelectric capacity by year‑end. A U.S.