Caracas (AFP) – With only 30% of its wells active, Venezuela's oil industry begins a reconstruction under the tutelage of Washington after the fall of Nicolás Maduro. At the 'Venezuela Energy 2026' forum, the business union and US delegates opted for private investment and the end of sanctions as the only drivers to rescue production stagnant at one million barrels per day.
First modification: 04/28/2026 - 15:53 Last modification: 04/28/2026 - 18:55
Less than 30% of the oil wells in Venezuela are active, the Venezuelan Petroleum Chamber (CVP) reported during a forum on April 27 attended by representatives of the United States government, which seeks to recover oil production after the fall of President Nicolás Maduro.
With a production of around 1 million barrels per day, far removed from the 3 million it exploited two decades ago, Venezuela has less than 30% of its 30,722 wells active, according to data provided by the CVP.
Years of corruption, disinvestment and mismanagement, aggravated by US sanctions, led to a historic collapse in production in the country with the largest crude oil reserves in the world.
"There are a large number of wells waiting for maintenance," said Enrique Novoa, president of the CPV at the Venezuela Energética 2026 forum in Caracas.
Venezuela currently has 8,491 active crude oil wells.
"The business community is very committed to taking them to their highest level," he stated, and said that joint venture processes are advancing with multinationals such as Chevron and Repsol "because well equipment is essential to be able to increase production."
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According to the executive vice president of the Venezuelan state oil company PDVSA, Jovanny Martínez, more than 3,464 wells have been reactivated.
The union's estimate for this year, with the first agreements reached and after the licenses, is to reach a production of 1.3 million bpd. However, there are still difficulties to face such as the supply of electricity and extensive investments.
Novoa reiterated this Monday his request to lift all sanctions on the country, after the intervention of the United States chargé d'affaires, John Barrett, present at the forum.
"Venezuelans must opt for the sanctioning framework to disappear completely. We believe that it is, first, what the Venezuelan people as a society deserve," said Novoa.
For his part, Barrett noted that private companies, and especially American companies, will be "the engine of Venezuela's transformation into a global energy center."
U.S. President Donald Trump's administration eased sanctions on the Venezuelan oil industry and granted licenses to operate in the country following Maduro's capture by U.S. military forces in early January. The deposed Venezuelan president is imprisoned in New York accused of drug trafficking.
However, the oil union estimates that it is insufficient to boost production.
The president in charge of Venezuela, Delcy Rodríguez, who governs under strong pressure from Washington, has promoted reforms in the hydrocarbons and mining law that open the doors to private investors, both national and foreign.
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