Venezuela Oil and Gas Market rising at CAGR of 2.69% by 2031, Driven by Offshore Gas Projects and Heavy-Crude Export Opportunities | Mordor Intelligence

The Venezuela Oil and Gas Market is projected to grow from USD 1.92 billion in 2026 to USD 2.19 billion by 2031, registering a CAGR of 2.69%. Key growth drivers include offshore gas discoveries, heavy-crude price spreads, and selective U.S. license windows, while challenges such as sanctions, under-investment, and infrastructure gaps continue to weigh on the sector

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Despite being home to some of the world's largest proven reserves-estimated at 300 billion barrels of crude oil and 196 trillion cubic feet of natural gas-the country's production has struggled to return to historical highs. Infrastructure bottlenecks, sanctions, and limited capital inflows have constrained output. Yet, incremental gains are expected through selective partnerships, offshore gas projects, and enhanced oil recovery pilots.

Venezuela Oil and Gas Key Trends

Conditional U.S. License Windows

International policy continues to shape the country's energy outlook. Selective licenses granted to certain companies have allowed limited crude exports and facilitated debt settlements. While these arrangements provide advantages to established players, new entrants face complex regulatory hurdles and lengthy approval processes.

Heavy-Crude Price Differentials

Venezuela's heavy crude has traditionally traded at a discount compared to lighter grades, which has created favorable conditions for exports. This pricing dynamic has been particularly attractive to refineries equipped to handle heavier blends, helping the country maintain a foothold in global markets despite broader challenges.

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Venezuela Oil and Gas Market Segmentation

By Sector

Upstream: Dominated the market with 82.35% share in 2025, valued at USD 1.54 billion. Growth is supported by cost-effective workovers and enhanced recovery programs.

Midstream: Expected to record the highest CAGR of 3.02% through 2031, driven by pipeline rehabilitation and monitoring upgrades.

Downstream: Refining capacity remains underutilized, averaging 134,000 barrels per day against a nameplate of 1.3 million barrels per day.

By Location

Onshore: Accounted for 87.10% of market share in 2025, producing 930,000 barrels per day.

Offshore: Forecast to grow at 4.86% CAGR, with gas output expected to reach 1.2 billion cubic feet per day by 2031.

By Service

Construction: Largest segment in 2025, representing 59.72% share (USD 1.12 billion).

Maintenance and Turnaround: Fastest-growing segment, projected at 4.21% CAGR, as operators prioritize reliability and safety.

Decommissioning: Emerging segment, expected to unlock USD 140 million annual spend after 2028.

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Venezuela Oil and Gas Key Players

The competitive landscape is highly concentrated, with joint ventures playing a central role. PDVSA retains statutory control, but operational leadership is increasingly shared with international partners.

Chevron Corporation: Operates four ventures, producing 200,000 barrels per day in 2025.

Repsol SA: Manages mixed assets delivering 20,000 barrels of oil and 40 million cubic feet of gas daily.

Eni SpA: Maintains 50,000 barrels per day at Junín-5 despite upgrader constraints.

Rosneft, CNPC, and Shell: Hold significant stakes, though sanctions have disrupted some projects.

Service companies such as Schlumberger, Baker Hughes, Halliburton, and Weatherford remain active under U.S. licenses, focusing on maintenance, digital monitoring, and enhanced recovery solutions.

Conclusion:

While risks remain high, the combination of proven reserves, favorable heavy-crude economics, and regional gas demand provides a foundation for incremental progress. For stakeholders, Venezuela offers opportunities in upstream workovers, offshore gas, and maintenance services, provided they navigate the complex regulatory and sanction environment.

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