Country Report
Venezuela upstream summary
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The US military action to capture Nicolas Maduro in January 2026 represents a dramatic inflection point for the country's upstream sector. Within one week of the capture, the Trump administration convened meetings with approximately 20 oil companies in Washington, messaging ambitious plans for US$100 billion of fresh investment to rapidly grow Venezuelan oil supply.
Table of contents
- Petroleos de Venezuela S.A. (PDVSA)
-
International and private investors
- Majors
- Other international companies
- Local companies
- Introduction
- Maracaibo basin
- Eastern Venezuela basin
- Barinas basin (Barinas-Apure basin)
- Falcón basin
- Tobago basin
- Gulf of Venezuela basin
-
Licensing
- Current terms
- Early licensing
- Nationalisation and PDVSA's formation
- La Apertura (1991)
- First Operating Service Agreement (Marginal Fields) bidding round (1992)
- Second Operating Service Agreement (Marginal Fields) bidding round (1993)
- Third Operating Service Agreement (Marginal Fields) bidding round (1996)
- Orinoco Heavy Oil (Faja) licensing
- 10 more item(s)...
-
Drilling
- Drilling activity
- Oil
- 23 more item(s)...
Tables and charts
This report includes the following images and tables:
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Map of Venezuela's BasinsMaracaibo Basin Stratigraphic ColumnEastern Venezuela Basin Stratigraphic Column
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New fiscal terms in VenezuelaRemaining Reserves and Contingent Resources at 01/01/2026Liquid and Gas Production 2025Map showing location of original exploration PSC awardsMap showing location of marginal fields awardedBlocks Offered in the 2001 gas licensing round
- 14 more item(s)...
What's included
This report contains:
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