Venezuela’s Oil Output Hits Multi-Year High as Reforms Lure Back Big Oil

CommodityRegulation Impact 4
โดย Oilprice.com·Read original
Summary · why it matters

Venezuela’s oil production reached 1.179 million barrels per day in May 2026, its highest monthly level in years, following sweeping industry reforms that reversed the 2007 nationalization laws. The new legislation, approved by the National Assembly in late January 2026, ended state-owned PDVSA’s monopoly, granted foreign companies control over operations, and reduced royalties and taxes. ExxonMobil, whose CEO had earlier called Venezuela uninvestable, is now in talks to acquire rights to up to six oilfields, while Chevron expanded its stake in the Petroindependencia joint venture to 49% and secured development rights for the Ayacucho 8 block in the Orinoco Belt. Repsol and Eni are also expanding operations, with Repsol incorporating the Horcon oilfield and Eni holding interests in the Junin-5 heavy oil block and the Perla gas field. Rebuilding the country’s deteriorated infrastructure is estimated to cost at least $100 billion over a decade, but production is forecast to reach 1.5 million barrels per day in 2027.

Impact on stocks 4

Energy▲ · 3 stocks
Chevron Corp
CVX
▲ PositiveRegulationrelevance

Chevron expanded its stake in Petroindependencia and secured development rights for Ayacucho 8 block due to reforms ending PDVSA monopoly.

Eni S.p.A.
ENI
▲ PositiveRegulationrelevance

Eni is expanding operations, holding interests in Junin-5 heavy oil block and Perla gas field due to industry reforms.

Repsol S.A.
REP
▲ PositiveRegulationrelevance

Repsol is incorporating the Horcon oilfield as part of expansion driven by reforms that reduced royalties and taxes.

Energy Transition & Power Demand▲ · 1 stocks
Exxon Mobil Corp
XOM
▲ PositiveRegulationrelevance

ExxonMobil is in talks to acquire rights to up to six oilfields following reforms that reversed nationalization laws.

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