Venezuela to host major energy investment summit in October 2026

By AI, Created 1:41 PM UTC, June 03, 2026, /AGP/ – Caracas will host Venezuela Energy Week 2026 on Oct. 26-29 with support from the Ministry of Hydrocarbons and PDVSA. The event is meant to draw U.S., Venezuelan and international investors as the country seeks capital for oil, gas, refining and infrastructure projects.

Why it matters: - Venezuela is pitching one of the world’s biggest hydrocarbon resource bases to investors as the country works to restart production, repair infrastructure and expand exports. - The summit is designed to connect capital with projects that could move quickly, especially in oilfield rehabilitation, refining and gas monetization. - The event comes as energy security remains a global priority and Venezuela looks to re-enter more of the international market.

What happened: - Venezuela Energy Week 2026 will take place Oct. 26-29 in Caracas. - The summit will be officially supported by the Ministry of Hydrocarbons and PDVSA. - Energy Capital & Power is organizing the event. - The conference will bring together U.S., Venezuelan and international oil companies, investors, financiers and technical service providers.

The details: - Venezuela says it has more than 300 billion barrels of proven oil reserves, the largest in the world, and more than 195 trillion cubic feet of natural gas. - Current oil production is about 1 million to 1.1 million barrels per day. - The government’s target is to raise output toward 3 million barrels per day through phased investment, field rehabilitation and more private-sector participation. - The 2026 hydrocarbons reforms include reduced fiscal burdens, expanded production-sharing mechanisms, stronger arbitration protections and more operational control for foreign partners. - Priority investment areas include the Orinoco Oil Belt, Maracaibo Basin and Eastern Venezuela Basin. - Specific opportunities include Junín, Carabobo and Ayacucho projects, brownfield rehab in Maracaibo, shut-in well restarts, new drilling and heavy crude upgrading and blending infrastructure. - Refining capacity of nearly 1.3 million barrels per day is operating at roughly 35% utilization. - That creates near-term opportunities in refinery rehabilitation, midstream logistics, storage and export terminal expansion. - Offshore gas fields including Dragon and Cocuina-Manakin are positioned as potential future suppliers to regional and global LNG markets. - Associated gas capture, processing and transport infrastructure remains underdeveloped. - The overall sector rehabilitation bill is estimated at up to $100 billion, with about $10 billion needed annually over the next decade. - The program will include tracks on upstream technical opportunities, commercial structuring, infrastructure integration and digital optimization, including AI-driven field management and energy systems modernization. - The summit will also include workforce development and local participation sessions, plus Youth in Energy programming focused on early-career professionals and leadership development. - The event will conclude Oct. 29 with curated site visits to key upstream and downstream assets in Venezuela’s core producing regions. - More information is available at venezuelaenergyweek.com and on LinkedIn.

Between the lines: - Venezuela is trying to frame its reopening as an investable market by pairing reforms with specific project categories and asset tours. - The shift toward production-sharing, arbitration protections and more partner control is aimed at making returns easier to underwrite for foreign investors. - The emphasis on site visits suggests the summit will focus on deal readiness, not just policy discussion.

What’s next: - Organizers will open participation, speaking, sponsorship and delegate registration for companies and investors interested in the summit. - The October event will serve as a test of how much international capital is willing to re-engage with Venezuela’s oil and gas sector. - Venezuela’s ability to attract follow-on investment will depend on whether the new commercial terms and project opportunities hold up in practice.