Venezuela: The Hidden Power of Strategic Resources

1. Oil: The Sleeping Giant

Venezuela maintains its position as the world's leading country in proven reserves, surpassing even Saudi Arabia.

  • Volume: Approximately 303 billion barrels (about 17% of world reserves).
  • Location: 90% is located in the Orinoco Oil Belt "Hugo Chávez".
  • Quality: It is mostly extra-heavy crude, which requires advanced technology, diluents and specialized refineries (such as those on the Gulf Coast in the US) for processing.

Current Status (2026): After a volatile start to the year, production is near 924,000 barrels per day (bpd). Analysts at JP Morgan and the U.S. Secretary of Energy project that, with current licenses granted to companies like Chevron and Repsol, production could increase by an additional 300,000 to 400,000 bpd this year.

2. Natural Gas: Export Potential

Venezuela ranks 7th in the world in gas reserves and 1st in Latin America.

  • Volume: About 197 trillion cubic feet (TCF) of proven reserves.

Some Key Projects (2026):

Trinidad and Tobago: Optimism remains regarding joint projects (such as the Dragon field) to export Venezuelan gas to liquefaction plants in Trinidad.

Colombia: The reactivation of the Antonio Ricaurte gas pipeline is being evaluated to alleviate the possible gas shortage in the neighboring country.

Challenge: Historically, gas in Venezuela has been "associated" (extracted alongside oil), and much of it is flared or reinjected. The current challenge is to capture it for export and domestic industrial use.

3. Other Strategic Resources

Beyond hydrocarbons, Venezuela has certified massive reserves in the Orinoco Mining Arc:

  • Gold: Considered one of the world's largest undeveloped deposits.
  • Iron and Bauxite: Proven reserves that (potentially) feed heavy industry in Guyana.
  • Thorium and Rare Earths: Critical elements for the energy transition and semiconductor technology.

With oil, gas, and critical minerals of global importance, Venezuela possesses unique energy and technological potential. Its ability to transform these reserves into sustainable production will depend on investment, infrastructure, and stability, positioning it as a key player in 21st-century energy security and geopolitics.