The Daily Journal — Venezuela is preparing to host the Venezuela Energy Week international summit in October 2026, an energy-sector gathering through which the country hopes to attract up to $100 billion in investment as part of its strategy to revive the oil industry.
The event will take place in Caracas from October 26 to 29. It will bring together international oil companies, investment funds, and energy service providers, according to a statement from the organizer, Energy Capital & Power, with support from the Ministry of Hydrocarbons and the state-owned oil company PDVSA.
The summit forms part of the Venezuelan government’s efforts to revitalize the oil sector through a gradual opening to private capital and the reactivation of projects across the country, which holds the world’s largest proven crude oil reserves, estimated at more than 300 billion barrels.
Production Target: 3 Million Barrels Per Day
Venezuela currently produces between 1 million and 1.1 million barrels of oil per day, according to official secondary sources. Authorities aim to triple that output to 3 million barrels per day through phased investments in exploration, field rehabilitation, and infrastructure expansion.
Industry estimates indicate that the plan will require annual investments of several billion dollars over the next decade to modernize facilities, reactivate wells, and improve export capacity.
Legal Reforms and Capital Attraction
Organizers highlighted that the summit will take place amid reforms to Venezuela’s hydrocarbons legal framework. These reforms seek to facilitate private-sector participation through concession models, tax incentives, and partnership mechanisms.
According to organizers, the changes aim to strengthen legal certainty for foreign investors and improve financing conditions and capital repatriation mechanisms in an environment that international sanctions still affect.
Project Portfolio
The event’s agenda includes investment opportunities across the entire oil value chain, with particular emphasis on the Orinoco Oil Belt, mature-field reactivation projects, and the expansion of the offshore natural gas sector.
The program also features refining initiatives, as Venezuela’s refining system currently operates below installed capacity, along with projects related to the development of liquefied natural gas (LNG) for regional exports.
Agenda and International Participation
The summit will also include sessions on technological innovation, field digitalization, and artificial intelligence applications in the energy sector, as well as programs to develop young talent.
According to the organizers, international delegations and potential investors will participate in technical visits to oil production and refining facilities in different regions of the country.
