TULSA, Oklahoma (Feb. 10, 2026) – 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 begins 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.
Read the full press release highlighting AAPG's expert coverage of recent events in Venezuela here.