As Venezuela sets ambitious oil production goals, a new Deal Room aims to match international companies with local operators and projects.
International operators, oilfield service firms and strategic partners are being invited to register as commercial partners for the Venezuela Energy Week (VEW) 2027 Deal Room, a forum where businesses can pursue joint ventures, service agreements, technology deployments, offtake arrangements and other commercial opportunities.
Scheduled for February 22–25 at the Simón Bolívar Convention Center in Caracas, the Deal Room is designed to put international companies in direct contact with local operators, project developers, asset owners and regional leadership. As international firms re-engage with Venezuela’s oil and gas sector, the platform aims to facilitate project-level talks and establish commercial relationships across upstream development, infrastructure, technology and energy supply.
For international operators and investors, the Deal Room offers a chance to identify assets and local partners for joint development. Venezuela’s drive to boost oil production to 1.3 million barrels per day (bpd) in 2026 and 1.5 million bpd in 2027 is creating potential opportunities for companies with the technical expertise, operational capacity and financial resources to participate in field rehabilitation, enhanced oil recovery, drilling and production expansion. Partnerships with Venezuelan operators can provide a route to developing assets and sharing project responsibilities.
Recent agreements show how partnerships are already taking shape. In September, Chevron secured expanded development rights in the Orinoco Belt, backing plans by its Venezuelan joint ventures to invest more than $7 billion over five years. Eni also signed a 25-year contract with PDVSA to take over operatorship of the Junín 5 heavy-oil field, giving the company responsibility for its technical, financial and commercial development.
Oilfield service companies and technology providers can pursue commercial agreements supporting these activities. Demand spans drilling and workover equipment, artificial lift, engineering, digital production systems, reservoir technologies, power solutions and other services needed to restore production and improve the performance of existing infrastructure.
Commercial partnerships are advancing in this area. In September, Halliburton signed separate agreements with Eneva and WESCA covering development opportunities, field evaluation and technical planning, while SLB signed a framework agreement with PDVSA in June spanning field development, digital technologies and workforce training.
The commercial opportunity extends beyond upstream operations. Companies can explore technology and service partnerships supporting gas processing and transportation, refinery rehabilitation, power generation, grid infrastructure and energy logistics, creating multiple routes for international suppliers and specialist firms to establish a presence in the market and for Venezuelan companies seeking to strengthen their portfolios.
Recent agreements reflect growing momentum in these areas. In September, GE Vernova signed a strategic alliance with PDVSA to rehabilitate electrical infrastructure serving Venezuela’s oil industry. More recently, Baker Hughes partnered with PDVSA, Venezuelan engineering company Lindsayca and Fulcrum LNG to pursue gas processing, transportation and commercialization projects.
Offtake and supply agreements offer another route for strategic participation. Companies can negotiate arrangements linked to specific oil, gas or refined-product assets, while international trading and downstream partners can explore supply relationships connected to Venezuela’s expanding production and processing capacity. Trading companies Vitol and Trafigura have already secured agreements to purchase and market Venezuelan oil, while international refiners are increasingly pursuing direct supply relationships with PDVSA.
The Deal Room will also provide direct access to the institutions shaping project development and commercial activity, including the Ministry of Hydrocarbons, PDVSA and its operating leadership. These relationships can help companies identify counterparties, clarify project requirements and develop commercial frameworks around specific opportunities.
As international activity accelerates across Venezuela’s energy sector, the Deal Room offers companies a focused setting to identify partners and convert market interest into concrete commercial relationships.
International operators, service companies and strategic partners can register to engage as commercial partners at the Venezuela Energy Week 2027 Deal Room. To engage as a commercial partner email info@venezuelaenergyweek.com or visit https://www.venezuelaenergyweek.com/deal-room for more information.
Venezuela Energy Week
Energy Capital and Power
Info@venezuelaenergyweek.com
Visit us on social media:
LinkedIn
Why it matters: With Venezuela targeting 1.5 million bpd by 2027 and major players like Chevron, Eni, and Halliburton already signing new deals, the Deal Room signals a broader re-engagement with the country’s energy sector. For international firms, this is a rare window to enter a market that has been largely closed for years, but success will depend on navigating complex local partnerships and regulatory frameworks.
