Great meeting today with Venezuela’s ambassador to South Africa H.E. Carlos Feo Acevedo. We discuss a lot of about collaboration between Africa and Venezuela and Making Energy Poverty History.
Venezuela holds the world’s largest proven oil reserves, estimated at about 303 billion barrels, accounting for roughly 17 per cent of global reserves.
Despite years of underinvestment and production decline, hydrocarbons still contribute close to 90 per cent of the country’s export earnings and more than half of government revenue.
Production, which collapsed to about 300,000 barrels per day in 2020, has recovered to between 900,000 and 1.1 million barrels per day as of early 2026. However, this remains far below the peak of 3.4 million barrels per day recorded in the late 1990s.
Venezuela will need investment of around $10bn over the next decade so it can raise output to 2.5 million barrels per day.
African companies and institutions should play an active role and not be passive bystanders. Venezuela’s relationship with Africa has been shaped by South-South cooperation, particularly within OPEC where the country has historically supported the inclusion and interests of African producers.
It is also an honorary member of the African Petroleum Producers’ Organization, APPO and has played a role in capacity building by training Africans, supporting our NOC’s and supporting partnerships with African energy companies.
Acting President Delcy Rodríguez, has been a vocal supporter of Africa’s right to utilise its oil and gas resources to drive development.
African Energy Chamber