Venezuela aims for 1.6M bpd oil by 2028

Venezuela is heading towards increasing its oil production to around 1.6 million barrels per day by 2028, based on plans to develop existing fields and effectively employ capital. Despite the entry of major international companies and investments exceeding billions of dollars, the challenge lies in translating these investment ambitions into actual field activity and production, especially with the need to strengthen drilling rig capacities and oilfield services. This requires rehabilitating and modernizing infrastructure and operations, with expectations that production capacity could reach 2.58 million barrels per day by 2035 if investment and implementation goals are achieved effectively.

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