Independent technical analysis and expert-led dialogue focus on subsurface realities, risks, and opportunities.

TULSA, Okla., Feb. 11, 2026 /PRNewswire/ -- Developments in Venezuela have renewed global attention on the country's energy potential, drawing interest from governments, investors, operators, and service companies across the industry. Industry reporting published in early 2026 indicates that Venezuelan crude production has approached 1 million barrels per day, driven largely by increased activity in the Orinoco Belt as sanctions enforcement begin to be lifted and export activity resumes. Venezuela holds an estimated 300 billion barrels of proven oil reserves, representing roughly 17 percent of the global total, according to the U.S. Energy Information Administration (EIA).

With the world's largest proven oil reserves, Venezuela represents both significant opportunity and substantial complexity. Heavy crude development, aging infrastructure, diluent constraints, and above-ground risks all factor into whether and how production could scale. While some analysts project that output could rise further under improved conditions, outcomes remain highly uncertain.

As the world's largest global geoscience association, AAPG has released a special edition of its flagship publication this week and is convening expert-led, technically grounded discussions to help industry decision-makers understand what is known, what remains uncertain, and what matters most beneath the surface. "Policy changes may enable investment and reduce above ground risk, but geology determines outcomes," said Tom Wilker, Executive Director of AAPG "Venezuela unquestionably holds enormous resource potential. Time for environmental, technical, and commercial assessment will be needed before we will know if the economics of Venezuela petroleum development are favorable."

Timely Coverage in AAPG Publications

AAPG has shared discussions on Venezuelan geology, history, political and economic transition, possible investors, and more since former leader Nicolas Maduro's capture on January 3, 2026. Timely content includes a special edition of AAPG's flagship news magazine, Explorer, and two recent editions of AAPG's upstream business newsletter Well Read, written by former Shell strategist and upstream energy expert (as quoted on BBC) Shangyou Nie, PhD.

AAPG's flagship magazine, Explorer, released a featuring in-depth reporting and expert perspectives on Venezuela:

1. Why Venezuela Remains a High-Risk Energy Bet by David Brown. In this article, Abhi Rajendran, director of research at energy information and analysis firm Energy Intelligence, and a nonresident fellow at the Center for Energy Studies at Rice University's Baker Institute for Public Policy, examines the costs and challenges of ramping up production, including political risk, infrastructure degradation, market dynamics, and geopolitical considerations

2. Power and Petroleum: A Journey Through Venezuela's 125-Year History by David Brown. Brown walks readers through the more-than-century-long history in Venezuela, leading up to current events and the modern state of its petroleum production. Andres Tremante, a professor in the Department of Mechanical and Materials Engineering at Florida International University, serves as an expert guide through the country's past.

3. Why the World is Watching Venezuela's Oil: Geoscientists Explain the Source, Scale, and Structure of its Petroleum Systems by Emily Smith Llinás.  The first in a two-part series, the article features analysis from subject matter experts Bob Erlich, Jairo Lugo and Juan Fransico Arminio, who collectively have published dozens of articles related to Venezuela's source rock and exploration potential. The second article, which will be published in the March issue of Explorer, will provide an overview of the country's reserves and exploration potential and will offer advice to companies considering entering Venezuela for the first time or after an extended absence.

4. The View From the Inside by Emily Smith Llinás. Another first in a two-part series, Llinás' reporting features Venezuelan geoscientists' perspectives on the political and economic transition happening in their country. Part I shares the stories of Venezuelans living in the country and includes comments from two geophysical consultants/former PDVSA employees, a geologist at CARDON IV (Repsol/Eni Joint Venture) and a final year student at the Universidad de Los Andes (ULA), Mérida. Part II, coming in March, includes interviews with geoscientists from the Venezuelan diaspora, who have found success abroad and are contemplating how best to contribute to their country's oil and gas industry should conditions change.

Newsletter Coverage: AAPG's upstream business newsletter, Well Read, has provided concise analysis of recent developments, written by former Shell strategist and upstream energy expert Shangyou Nie, PhD. Recent coverage has examined:

• Global oil markets' reactions to Maduro's capture, including statistics from the latest Energy Information Administration data
• Current operators and active projects in Venezuela
• Public statements from majors, including ExxonMobil, as companies reassess risk and opportunity
• U.S. policy signals and implications for future investment frameworks

Readers can subscribe to Well Read to receive similar analyses each Wednesday.

Venezuela Technical Symposium

AAPG will extend this dialogue through its upcoming AAPG Venezuela Technical Symposium and E&P Summit: Unlocking Opportunities from Exploration to Implementation, to be held in Houston, Texas in May 2026.

This two-day, event provides a space for technical and business professionals to explore the country's geology, petroleum systems, E&P potential, and above-ground considerations necessary for successful operations in-country.

The Technical Symposium includes presentations covering the following themes:

• Venezuelan Exploration Potential: Basins, Plays, and Opportunities
• From Data to Decisions: Emerging Technologies for Hydrocarbon Exploration and Development

The E&P Summit includes panels and keynotes entitled:

• Navigating Venezuela's Hydrocarbon Landscape: Law, Geopolitics, and Operators
• From Reserves to Markets: Gas and Infrastructure in Venezuela

For media inquiries, expert commentary, advertising opportunities, exhibiting, or participation in AAPG events and publications, contact media@aapg.org.

About AAPG

Founded in 1917, the AAPG is one of the world's largest geoscience communities, committed to advancing the understanding of the Earth and supporting the professionals who apply that knowledge across energy, environment, and public benefit. AAPG's members work across every part of the subsurface, from oil and gas to geothermal, nuclear waste storage, CCUS, groundwater, mining, major infrastructure development, and more. Through technical research, education, global events, renowned publications such as the Bulletin, and student and early-career programs, AAPG helps build and sustain the workforce that makes modern energy systems possible and ensures the world has the geoscience expertise it needs for decades to come.

Media Contact: media@aapg.org
Nicole R. Braley
Chief Marketing Officer
AAPG

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