Less than 30 percent of oil wells active in Venezuela: official

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CARACAS: The Venezuelan oil industry is currently facing a profound operational crisis, with less than 30 percent of the nation's oil wells remaining active. Data released by the Venezuelan Petroleum Chamber (CPV) indicates that only 8,491 crude oil wells are operational out of a total of 30,722. This collapse has pushed production down to approximately 1 million barrels per day, a stark decline from the 3 million barrels produced daily two decades ago. 

This decay is the result of years of systemic corruption, chronic underinvestment, and mismanagement, all of which have been further aggravated by international sanctions.

Following the ousting of Nicolas Maduro in January 2026, the political landscape has shifted toward structural recovery. Interim President Delcy Rodriguez has introduced significant reforms to hydrocarbons and mining laws, effectively opening the sector to both foreign and domestic private investors. 

Washington has expressed strong support for this transition, with officials noting that the private sector, specifically U.S. companies, will serve as the primary engine for transforming Venezuela back into a global energy hub.

Despite the current challenges, there are signs of a burgeoning recovery. State oil company PDVSA reports that more than 3,464 wells have already been reactivated. Furthermore, multinational energy giants such as Chevron and Repsol are actively moving forward with projects within the country. 

The industry has set an ambitious target to reach an average production of 1.3 million barrels per day by the end of 2026. While trade groups continue to advocate for the full removal of sanctions to support societal recovery, the current legal reforms and international partnerships mark a pivotal attempt to stabilize the nation's most critical economic asset.

Photo Credits: AFP