Venezuela, according to Copérnico
A report prepared by economist Jorge Piedrahita highlights that Venezuela has become an investment opportunity driven by its energy resources and strategic minerals.
A new analysis of the financial landscape prepared by economist Jorge Piedrahita, a representative of the asset management firm Copérnico Venezuela Fund, states that the country's economy has begun to be transformed under a new strategic lens for the United States.
According to the agreement, the country has stopped being seen solely as a conditional bet on an uncertain political outcome, to become an investment opportunity driven by its energy resources and strategic minerals.
Although this transformation will depend on political and institutional developments, Copérnico’s core premise indicates that the scale of the country’s resources and the greater involvement of the United States are redefining the assumptions under which international markets value Venezuela.
The report highlights that oil acts as one of the central pillars of this change in perception. As an example, Copérnico cites the oil agreement between Venezuela and the United States, under which North American Blue Energy Partners (NABEP) will manage 17 Venezuelan fields that concentrate more than 65 billion barrels in proved reserves.
For the asset manager, this transaction reflects a broader effort by the United States to ensure access to strategic inputs in the hemisphere.
On top of the country’s hydrocarbon supply, there is also mining potential. The analysis notes that Venezuela has approximately 30 of the nearly 50 minerals classified by the United States as critical, including rare earth elements. The combination of these resources with existing infrastructure gives the country a key value on Washington’s geopolitical map.
Legal and political risks remain
Despite optimism about the value of the assets, the firm warns that risks have not disappeared. The report questions the legal certainty of agreements like NABEP’s, pointing out that current contractual structures do not confer property rights over the deposits to the operators. It also raises doubts about the legal capacity of the signatory authorities and anticipates possible internal political resistance.
However, the firm has already translated this vision into concrete financial vehicles. In March 2026, it launched Class EE, a strategy to actively invest in Venezuelan bonds, equities, currencies, and other liquid assets. By August 31, 2026, this strategy had recorded a cumulative net return of 16.65%.
It also maintains Class F, which focuses on sovereign bonds and those from Petróleos de Venezuela S.A. (PDVSA). It aims to raise up to US$25 million to develop non-traditional recovery routes, including debt restructuring through equities and legal actions.
The asset manager emphasizes that past returns do not guarantee future results and notes that these are high-risk speculative assets.
On the macroeconomic front, Jorge Piedrahita estimates that Venezuela’s current economy sits between US$100 billion and US$110 billion.
As an illustrative, long-term scenario rather than a firm forecast, Copérnico proposes that gross domestic product (GDP) could rise to a range between US$500 billion and US$600 billion by 2037, Bloomberg Línea details.
#venezuela #Bloomberg #Nabep #petróleo #PDVSA $CL
