Venezuela's oil production will increase by 17% in the next three years

According to BNAmericas, Rystad Energy believes that Venezuela's crude oil production is expected to increase by 17% in the next three years.

The consulting company predicts that Venezuela's crude oil output will increase by 194,000 barrels per day (b/d) from the end of 2025 to the end of 2028.

Venezuela's official data show that the country's crude oil output is about 1.2 million barrels per day, and the government proposes to increase it to 1.4 million barrels per day before the end of the year.

According to Ruizide, 2/3 of the increase will come from Chevron, Lepsol, Eni, Maha Energy and maurer-Prom international oil giants.

By 2028, about 3/4 of the crude oil production will be self-weight and overweight oil, of which the Orinoco Belt accounts for 60% of the production.

The Oslo-based company said that the number of rigs, access and financial terms, not just geological conditions, will determine the time schedule for Venezuela to convert resources into more production. The Ministry of Petroleum has estimated that 93 rigs will be needed by 2028, far higher than the current number.

At the same time, Venezuela has also replaced the reserve classification system that has been implemented for 20 years, updated the seismic data standard, and reformed the petroleum regulations.

The Venezuelan government said that the reform coincided with the negotiation and signing of 30 binding investment agreements between the government and foreign operators.

source:https://geoglobal.mnr.gov.cn/zx/kydt/zhyw/202607/t20260723_10277987.htm