Venezuelan economists said it is “good news” that investments by international companies are taking place in Venezuela’s oil and gas sectors.
The Venezuelan government has been announcing in recent weeks major investment agreements with international companies to boost oil and gas production in the country.
Companies such as British Petroleum (BP), Shell, XRG from the United Arab Emirates, and UCC Holding from Qatar have recently agreed on schedules with Venezuelan authorities to exploit offshore gas fields in the Loran field, located on the Deltana Platform.
In June 2025, the first phase of operations was granted to Shell, and in this second stage, the British firm BP also comes in, along with companies from the Emirati and Qatari origins.
Sources related to the National Government told the Spanish newspaper El País that the purpose of this operation in the gas sector is to begin exporting gas to European countries.
It should be noted that Venezuela ranks sixth as a gas producer in Latin America, behind countries such as Argentina, Trinidad, Brazil, Bolivia, and Mexico, despite having the region’s largest reserves, since it produces about 31 million cubic meters per year.
Oil contracts
Recently, Venezuelan authorities reported Productive Participation Contracts (CPP) with US companies such as Hunt Oil and Crossover, as well as alliances with the US-French Slumberger, a consortium that is carrying out integrated studies of oil wells.
In this regard, the Minister of Hydrocarbons, Paula Henao, recently said at a forum in the US that «Venezuela not only shows the world its large oil and gas reserves, but also the contractual mechanisms that make it possible to turn those reserves into barrels from the surface».
Francisco Monaldi, an economist specializing in oil matters and a university professor, уточ clarified that «what is truly important regarding international investment is happening in gas,» which he considered «good news».
«Some are agreements negotiated years ago with Shell. In Trinidad there is a gas field on the other side of the border, Manatí, which is the same field. They have developed the production chains for their petrochemical projects,» he said.
He explained that the Shell company «has had time working with Trinidad» and added that the business with Venezuela «would be very attractive, because it is covered by the Gas Law, which has lower royalties and encourages private investment, and because on the Venezuelan side there is no need for major investments—there is installed capacity. All the gas will be monetized via Trinidad».
As for the oil issue, Francisco Monaldi pointed out that the companies have not yet fully switched to the new legal framework: «there are many uncertainties and operational contracts have been signed that are not very clear, leaving the State with enormous discretion».
«PDVSA has negotiated contracts in detail with private companies. The CPPH (Contract for Productive Participation in Hydrocarbons) of Hunt Oil and Crossover is the first one signed under the new law,» he said.
Investment in both sectors
For his part, Venezuelan economist Alejandro Grisanti said that the oil sector will have an impact on Venezuela’s future economic growth: «There is no doubt that international oil and gas investment has been reactivated in Venezuela».
«The company is channeling investment to those wells that can achieve the maximum production increase with a small investment. Fields that had been left inactive,» he emphasized.
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