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Delcy Rodríguez, the acting president of Venezuela, announced this Thursday that "in the coming weeks" more companies from the hydrocarbons sector will arrive in the country, during an event held in the state of Anzoátegui in front of workers from the Orinoco Oil Belt and broadcasted by the state channel VTV.
"In the coming weeks, more and more companies will arrive in Venezuela at a faster pace, and you, who are workers in the Belt, will see it with your own eyes," declared the leader.
Rodríguez did not specify the names of companies, specific dates, or details about the planned operations, although he assured that Venezuela is undergoing a process of attracting domestic and foreign investments.
In the same statement, he urged the United States and Europe to "not be afraid of a Venezuela free from sanctions," referring to the measures that Washington has relaxed in recent months amidst the rapprochement between the two governments.
Rodríguez also announced the establishment of a higher academic council for hydrocarbons, aimed at promoting the professionalization and training of workers in the oil sector.
The leader took office in January 2026 following the capture of Nicolás Maduro in Caracas by U.S. forces during the so-called "Operation Absolute Resolution." Since then, she has adopted an openness approach, promoting in January of that year a reform of the Organic Law of Hydrocarbons that allows direct contracts with PDVSA, reduces royalties and taxes from 33% to 15% on high-risk projects, facilitates bank accounts abroad, and allows for international arbitration.
The opening turn coincides with the lifting of oil sanctions by the Trump administration in February 2026, which authorized BP, Chevron, Eni, Repsol, and Shell to operate and engage in transactions with PDVSA, and requested that industry executives commit 100 billion dollars to reactivate the Venezuelan industry.
Among the companies that have already taken concrete steps, Cheron operates with a combined production close to 260,000 barrels per day and announced an investment of over 100 million dollars to modernize its infrastructure. Eni and Repsol plan to invest 2 billion dollars over five years in their joint ventures with PDVSA.
The most relevant case in recent weeks is that of ExxonMobil, the largest oil company in the United States, which, according to The New York Times, is negotiating to acquire extraction rights in up to six fields in Venezuela, with a possible announcement before the end of May. A team from the company traveled to Caracas in April to assess the fields.
ConocoPhillips also noted that it is evaluating opportunities in the country, including data collection and dialogue with relevant sector stakeholders.
The Orinoco Oil Belt, the epicenter of this reinvestment process, contains the largest proven oil reserves in the world, estimated at 303 billion barrels, although Venezuelan production collapsed during the Maduro era to less than 700,000 barrels per day, compared to over three million extracted in the 2000s.
The projected oil investment for 2026 amounts to 1.4 billion dollars, compared to the 900 million executed in 2025.
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