Reviving Venezuela’s oil industry is projected to be a long and expensive process, potentially limiting the nation’s influence on global markets in 2026. According to TotalEnergies CEO Patrick Pouyanne, significant investment and time are required to restore Venezuela’s oil production capacity. TotalEnergies is a global multi-energy company that produces and markets energies on a global scale. The company’s operations span oil and biofuels, natural gas and green gases, renewables and electricity.
Calls from figures like former President Donald Trump urging American oil firms to return to Venezuela and boost production have been met with caution. Concerns about the investment climate in Venezuela persist among producers. ExxonMobil’s CEO, Darren Woods, described the country as currently “uninvestable,” a comment that reportedly drew criticism.
Pouyanne echoed these concerns, stating that increasing Venezuela’s oil output to above 3 million barrels a day from the current level of less than 1 million would be a long-term project. He made these comments at a conference in Abu Dhabi, highlighting the challenges involved in revitalising the country’s oil sector.
“I know that people want to rush there, but I can understand that it will require a clear framework to be able to invest there, and it will take time,” Pouyanne said. He estimated that while adding 100,000 to 200,000 barrels a day might be relatively straightforward, achieving an increase of 1 million barrels a day would necessitate an investment of approximately $US100 billion ($150 billion).
