The prospects of Venezuela in increasing oil production are named — they are not impressive

To restore oil production to 3 million b/d by 2040, Venezuela will need about $ 183 billion. This was stated by Rystad Energy analysts.

According to experts, Venezuela can theoretically restore oil production to the levels observed in the late 1990s, but this will take time and large-scale investments, including foreign ones. Now the country produces about 1.1 million barrels per day (bpd) and only to maintain this volume of production in the next 15 years, Venezuela needs to invest in oil exploration and production, as well as in related infrastructure of about $ 53 billion.

In the next two to three years, according to analysts, production may grow by 300 thousand b/d without large costs, but further growth will require investments of approximately $ 8-9 billion per year. In this case, oil production can recover to 2 million b/d by 2032 and up to 3 million b/d by 2040. At the same time, Rystad experts estimate the total amount of capital investments needed to increase production to 3 million bpd by 2040 at $ 183 billion. In their opinion, part of this amount can be provided by the state-owned energy company PDVSA, but for the stable recovery of the oil industry, the country will need at least $ 30-35 billion in foreign financing only in the next two to three years.

Venezuela has the largest proven oil reserves in the world. However, due to US sanctions, the Framework cannot come to grips with their development. In addition, the White House earlier explicitly stated that Washington considers Venezuelan oil as belonging to the United States, which will also complicate the work on its production due to various military and political risks.