AGP Executive Report

Oil and Refining: Venezuela expects nearly $76 billion in oil investment over five years, while field hiring is picking up as new investment takes shape. Separately, Citgo raised its 2026 profit outlook by $2 billion to as much as $8 billion, citing stronger fuel margins. Agriculture: The government granted 822 Portuguese-state producers legal rights to 10,996 hectares and removed the Free Sale Certificate requirement for registering agricultural inputs, aiming to speed approvals. Trade and Investment: Venezuela, UNCTAD and CAF have launched workshops to develop a sustainable export-diversification strategy, with import substitution among the goals. Labor: Acting President Delcy Rodríguez met business federations and unions to discuss wage restoration, salary scales and worker protections. Transport: American Airlines plans to add three weekly Miami–Barcelona, Venezuela, flights from January 2027, expanding its service to the country.

Oil Investment: Venezuela expects nearly $76 billion in oil investment over five years under 61 agreements, including plans for 250 rigs across 17 fields. Industry Hiring: Weatherford, Baker Hughes, Halliburton and SLB are advertising jobs as service firms prepare to return; major producers still want clearer rules and political stability before committing major funds. Business Deals: Venezuela Energy Week 2027 is pitching joint ventures, service contracts and offtake partnerships to international companies. Transport: American Airlines will add three weekly Miami–Barcelona flights in January 2027, expanding its Venezuela network to three cities. Trade and Mining: Serbia and Venezuela discussed cooperation in agriculture and emerging technologies, while Lara exported more than 33,000 tonnes of clay to Spain. Power and Gas: CORPOELEC restored a hydroelectric unit in Táchira, adding 150 MW; meanwhile, Trinidad and Tobago’s energy minister says the Dragon gas project’s metering agreement cannot be found in an executed English version. First gas is projected for late 2027 or early 2028.

Oil & Gas: Venezuela expects nearly $76 billion in oil investment over five years under 61 agreements, including a U.S. deal covering 17 fields and plans for 250 drilling rigs. Acting President Delcy Rodríguez said Zulia output had risen to 370,000 barrels per day, with 400,000 targeted by year-end. Mineral Exports: Lara shipped 33,380 tons of white clay to Spain, targeting the ceramic industry in Castellón and opening a route for further non-metallic mineral exports. Power: CORPOELEC has rehabilitated Unit 2 at the San Agatón hydroelectric plant in Táchira, adding 150 megawatts to the national grid. Mining: The government is reviewing company agreements to improve the sector’s operating capacity.

Oil Investment: Acting President Delcy Rodríguez projects nearly $76 billion in oil-sector investment over five years, citing 61 agreements and a U.S. deal covering 17 fields and plans for 250 drilling rigs. The government forecasts 324,000 jobs, but turning the pledges into higher output will require years of work on neglected fields and infrastructure. Energy Markets: Venezuela supplied 455,000 barrels a day to the U.S. in the latest EIA figures, second only to Canada among listed suppliers. Mining: The government is reviewing agreements with mining partners and introducing a monitoring system to track operations and strategic minerals. Power: CORPOELEC has rehabilitated a unit at the San Agatón hydroelectric plant, adding 150 megawatts to the national grid.

Oil Investment: Acting President Delcy Rodríguez says 61 agreements could attract nearly $76 billion over five years, including a U.S. accord covering 17 oilfields and plans for 250 drilling rigs. She projects 324,000 jobs over a decade and says contracts will require local suppliers and workers. Mining: The government is reviewing deals with mining companies to boost production and has introduced a digital system to track operations and strategic minerals. Agriculture: Venezuela’s new food-production plan aims to coordinate communes, businesses and agribusiness; in Portuguesa state, 822 producers received titles covering nearly 11,000 hectares. Power: CORPOELEC has rehabilitated a hydroelectric unit in Táchira, adding 150 megawatts to the national grid.

Food and Farming: Acting President Delcy Rodríguez announced the Venezuela Alimenta plan and a proposed Communal Economy Law to coordinate farms, businesses and agribusiness. In Portuguesa, 822 producers received land titles covering 10,996 hectares. Power: CORPOELEC rehabilitated Unit 2 at the San Agatón hydroelectric plant, adding 150 MW to the national grid. Oil: U.S. producer NABEP says it has received two drilling rigs in Venezuela as oil operations expand; high tanker costs remain a constraint on heavy-crude exports. Air Links: American Airlines plans to launch three weekly Miami–Barcelona flights in January 2027, adding its third Venezuelan destination and expanding access for business and travel.

Community Projects: Venezuelans vote Sunday on 37,205 local proposals, with water, electricity, roads and health infrastructure among the priorities across 5,418 communal circuits. Power Supply: CORPOELEC says repairs at Táchira’s San Agatón plant have restored a 150-megawatt unit, while engineers warn the wider electricity system remains under strain. Air Links: American Airlines plans three weekly Miami–Barcelona flights from January 2027, adding a third Venezuelan destination as the carrier rebuilds its network. Ports and Exports: El Guamache handled a 182-container vessel and shipped processed seafood, including canned sardines, frozen fish and seaweed, to markets in the Americas and China. Oil Industry: New drilling and workover rigs are arriving for Venezuelan operations, but soaring tanker costs are constraining heavy-crude exports; oil prices remain elevated amid supply risks. Food Production: The government is promoting its Venezuela Alimenta plan and local agricultural output, with FAO discussions focused on food security and climate-resilient farming.

Electricity: CORPOELEC restored Unit 2 at the San Agatón hydro plant, adding 150 MW to the national grid and supporting more than 100,000 families, as well as businesses, farms and industry in the southwest. Oil and shipping: U.S. officials are weighing case-by-case sanctions relief for some tankers linked to Venezuela and other oil producers, but analysts warn it may do little to lower freight costs. Separately, NABEP says it has received two drilling rigs in Venezuela, adding to signs of an oil-sector recovery; a former Chilean energy minister has suggested output could rise by 200,000 barrels a day within a year. Food production: Venezuela told the UN that its Venezuela Alimenta plan is intended to strengthen domestic production and food security, claiming local producers supply 90% of food consumed in the country.

Oil & Shipping: Crude eased Friday but remained on course for weekly gains as Hormuz supply risks offset talk of easing restrictions on some “shadow fleet” tankers. Any relief would apply to shipping legal oil, not sanctioned Venezuelan crude, and aims to lower record freight costs. Drilling: Venezuela’s oil recovery is gaining momentum, with U.S. producer NABEP receiving two rigs to expand drilling and workover operations. Export Constraints: High tanker rates are leaving heavy crude stranded across the Americas, a bottleneck for regional producers seeking buyers. Agriculture: Venezuela told the UN that domestic production supplies 90% of food consumed in the country; lawmakers are also consulting livestock producers on proposed legal reforms.

Oil Output: Venezuela could add 100,000–200,000 barrels a day over the next six to 12 months, a former Chilean energy minister said, if conditions remain favorable. Reaching that growth will depend on investment in fields, pipelines and power infrastructure. Oil Trade: Indian crude imports from Venezuela are rising as Russian supplies hold steady, with Reliance a major buyer. Shipping: Washington is weighing permits for some sanctioned tankers—including vessels that previously carried Venezuelan oil—to haul cargoes not barred by U.S. rules. The proposal would not authorize sanctioned Russian or Iranian oil, and analysts doubt it will substantially ease record freight costs.

Oil Shipping: Washington is weighing permits for previously sanctioned tankers to carry legal oil, aiming to ease record freight costs. The vessels have transported Venezuelan crude, but the proposal would not authorize sanctioned cargoes. U.S.-Venezuela Energy Ties: The U.S. lifted sanctions on National Assembly chief Jorge Rodríguez amid talks over access to Venezuelan oilfields. Separately, U.S. producer NABEP has received two drilling rigs for its Venezuela operations. Production Outlook: OPEC says Venezuela’s output rose by 18,000 barrels a day in September. But soaring tanker rates are leaving heavy crude stranded across the Americas, complicating exports. Agriculture: Venezuela and the FAO are discussing support for the Venezuela Alimenta plan, including coffee, regenerative agriculture, livestock, fisheries and aquaculture. A new diploma course in Aragua will train cocoa and chocolate specialists. Power Infrastructure: Venezuela has received equipment and spare parts to repair its damaged electricity grid, while Monagas officials are reviewing ways to improve energy production.

Oil Investment: Washington lifted sanctions on National Assembly chief Jorge Rodríguez as Venezuela’s oil-access deal advances; the Rodríguez siblings are expected to pursue legal changes that could open the sector to more foreign firms. US producer NABEP also says it has received two drilling rigs in Venezuela. Production: Monagas officials and PDVSA managers are coordinating plans to improve oil and gas output around Punta de Mata, El Furrial and Jusepín, including gas infrastructure and operations oversight. Agriculture: At the FAO forum in Rome, Delcy Rodríguez presented the Venezuela Alimenta plan and requested technical cooperation to strengthen food production and sovereignty. Connectivity: ITA Airways plans three weekly Rome–Caracas flights from March 30, 2027, restoring a direct link aimed at supporting trade, tourism and travel.

Roads & Logistics: Guárico deployed 10 work crews in Ortiz, laying 49 tonnes of asphalt on Route 27, a key route for farm and livestock shipments. Agriculture & Food: Venezuela requested FAO support for its food plan, while Anzoátegui coffee growers trained in climate adaptation. Maracaibo’s ABA plant reports processing 300 tonnes of animal feed daily. Oil & Gas: Fred Ehrsam’s Primavera has signed production-sharing contracts with PDVSA and is targeting output of 100,000 barrels a day; NABEP also announced new drilling and workover rigs. Power & Engineering: Venezuela received equipment and spare parts to help repair its strained power grid, while a team of Venezuelan engineers arrived in Panama to assist with earthquake damage inspections.

Oil Operations: Primavera Infinita has expanded its leadership team ahead of taking over the Budare-Elotes block in Anzoátegui and Monagas under an agreement with the government and PDVSA. The project targets production above 70,000 barrels a day. Crude Markets: OPEC data show Venezuelan output rose by 18,000 barrels a day in September, while high tanker rates are leaving heavy crude stranded in the Americas and limiting exports. Food and Agriculture: At the FAO forum in Rome, Delcy Rodríguez presented the Venezuela Alimenta plan and discussed farm productivity and food security; the FAO also recognized Venezuelan farmer María Cantalicia Torres. In Anzoátegui, a reopened PDVAL outlet can store 113 tonnes and serve more than 3,500 families. Power Infrastructure: Venezuela has received equipment and spare parts to help restore its strained electricity grid.

Food Production: At the FAO World Food Forum in Rome, Delcy Rodríguez announced the Venezuela Alimenta plan to connect local, community and industrial food production, alongside a proposed Local Economy bill. Venezuela and the Dominican Republic also discussed climate-resilient agriculture and possible Venezuelan fuel and LPG sales. Power Grid: Venezuela received equipment and spare parts for thermal plants. Officials say 600 of the 800 megawatts lost in June’s earthquakes have been restored, but outages continue. Oil and Refining: PDVSA expects production to reach 1.3 million barrels a day by year-end. Yet high tanker rates are leaving heavy crude stranded in the Americas as regional refiners approach capacity and Asian and European buyers seek supply. Investment: A Venezuelan agreement for the Orinoco’s Bare field is set to give Colombian billionaire Jaime Gilinski a major stake in GeoPark, while Indian refiner Reliance sees Venezuelan crude as a potential boost to refining margins.

Oil Markets: Heavy crude is accumulating in the Americas as soaring freight costs curb exports and U.S. Gulf Coast refiners approach capacity, even as Asian and European buyers face shortages. Venezuelan exports have risen, but shipping remains a bottleneck; Reliance Industries sees renewed access to discounted Venezuelan crude as a potential boost to refining margins. Agriculture and Food: At the FAO forum in Rome, President Delcy Rodríguez called for more efficient production, less food waste and better storage and transport, and said energy revenues should build lasting farm capacity. Venezuela and Angola also reviewed cooperation on food production and trade. Energy and Infrastructure: PDVSA expects output to reach 1.3 million barrels a day by year-end, while Venezuela is negotiating 44 energy deals. The government also reported adding 300 megawatts to the electricity grid.