By Micah Jonah | January 25, 2026
The United States has opened discussions with major energy companies on an emergency plan to rapidly increase crude oil production in Venezuela, as Washington seeks to stabilize global oil supply, revive output from the crisis hit South American nation.
According to reports, talks are ongoing with Chevron and leading oilfield service firms including SLB, Halliburton and Baker Hughes, focusing on the repair and replacement of ageing equipment and the reactivation of dormant drilling sites.
Officials involved in the discussions indicated that with limited but targeted investment, Venezuela could increase production by several hundred thousand barrels per day within a short period, using modern drilling technology and upgraded field operations.
The strategy is expected to prioritize quick technical fixes at existing wells rather than large scale new exploration projects, allowing production to resume within months instead of years.
United States President, Donald Trump had earlier confirmed that American oil companies would soon begin drilling activities in Venezuela, following recent political developments that saw the removal of President Nicolas Maduro from power.
The move signals a significant shift in United States energy engagement with Venezuela after
years of sanctions and limited cooperation which severely affected the country’s oil infrastructure.
Energy industry sources confirmed that discussions are focused on operational readiness, safety upgrades, logistics needed to restore steady exports from key terminals.
Neither the White House nor the companies involved have issued official public statements on the talks, however, preparations are believed to be at an advanced consultation stage.
Venezuela holds the world’s largest proven crude oil reserves, but years of underinvestment, sanctions and operational failures have reduced production to a fraction of its former capacity.
If implemented, the repair programme could mark the fastest recovery effort in Venezuela’s oil sector in more than a decade and significantly impact global energy markets in the coming months.
