The African Energy Chamber (AEC) has called for international support for Venezuela, emphasizing that stability is essential to unlocking the country’s vast energy potential and driving long-term economic recovery.
Amid political uncertainty following the detention of Venezuela’s president by the United States and the Supreme Court’s appointment of Delcy Rodríguez as Acting President, the AEC stressed the need for institutional continuity and predictable governance to restore investor confidence.
Venezuela holds the world’s largest proven oil reserves, estimated at approximately 303 billion barrels, representing 17% of global reserves. Oil remains central to the economy, contributing up to 20% of GDP and nearly 90% of export revenues. Production, which fell to roughly 300,000 barrels per day (bpd) in 2020, has recovered to 900,000–1.1 million bpd in early 2026, though still below historical peaks.
The AEC highlighted that with stable governance, regulatory clarity, and sustained investment of about $10 billion per year, Venezuela could reach 2.5 million bpd within the next decade. Key recovery areas include the Orinoco Heavy Oil Belt, offshore natural gas projects such as the Dragon field, and rehabilitation of aging pipelines and refining infrastructure. Total infrastructure needs are estimated at $58 billion.
“Venezuela sits atop extraordinary natural wealth, and the lesson from Africa is clear: when stability is prioritized, hydrocarbons can drive recovery, unity and long-term development,” said NJ Ayuk, Executive Chairman of the AEC. He called on African states, the Global South, and the international community to support Acting President Rodríguez and the Venezuelan people.
The AEC also highlighted Venezuela’s historical support for African energy development through capacity building, training, and investment opportunities, underlining the country’s commitment to South-South cooperation and multilateral partnerships.
International oil companies, including Chevron, Eni, Repsol, and Shell, remain engaged in the country, demonstrating that stable, mutually beneficial contracts can catalyze further re-engagement with global energy investors.
