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Venezuela Deepens Strategic Partnership to Advance Hydrocarbon Development

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Venezuela

High-level meetings between the African Energy Chamber and Venezuela’s energy leadership reinforce a shared commitment to accelerating upstream investment, strengthening regulatory cooperation and positioning the country for its next phase of hydrocarbon growth

CAPE TOWN, South Africa, August 7, 2026/APO Group/ –Venezuela is staging a deliberate return to hydrocarbon production and development as industry reforms create new opportunities for regional and international energy companies seeking high returns in one of the world’s largest oil and gas provinces.

 

Meetings between Acting President Delcy Rodríguez and the African Energy Chamber (AEC) this week reinforced a shared commitment to accelerating investment while strengthening strategic partnerships and advancing the next phase of Venezuela’s energy reopening.

The AEC delegation, led by Executive Chairman NJ Ayuk and Senior Vice President Verner Ayukegba, met with President Rodríguez alongside Minister of Hydrocarbons Paula Henao, PDVSA President Héctor Obregón, Vice Minister of Hydrocarbon Policy Eduardo Ramírez and other senior officials.

Discussions focused on expanding international cooperation, attracting upstream investment, accelerating project development and strengthening technical collaboration across the oil and gas value chain. The parties also explored opportunities to deepen cooperation in education and skills development, support cleaner hydrocarbon production through gas flaring reduction initiatives and expand access to liquefied petroleum gas to better human lives as a means of addressing energy poverty, improving public health and enhancing quality of life.

A key outcome of the discussions was the AEC’s recognition of Venezuela’s recent energy sector reforms, which the Chamber described as a significant step toward creating a more competitive and investment-friendly operating environment.

Venezuela possesses one of the world’s greatest hydrocarbon resource bases, but resources alone do not create prosperity

“Venezuela possesses one of the world’s greatest hydrocarbon resource bases, but resources alone do not create prosperity. What creates prosperity is a shared commitment between governments and investors to develop those resources through stable policies, long-term partnerships and sustained investment,” said Ayuk. “President Rodríguez is sending a strong signal to international investors: Venezuela is open for investment, committed to collaboration and ready to usher in a new era of hydrocarbon development.”

He added that the reforms implemented by the Venezuelan government demonstrate a clear commitment to creating an enabling environment for investment.

“Combined with the country’s extraordinary resource base, they have the potential to position Venezuela as one of the most attractive oil and gas investment destinations in the Southern Hemisphere while ensuring that resource development delivers long-term economic opportunities and tangible benefits for Venezuelan citizens,” Ayuk said.

The visit comes at a critical time for the country’s energy sector. In July 2026, Venezuela published the long-awaited Regulations of the Organic Hydrocarbons Law, providing one of the clearest frameworks yet for governing the next phase of oil and gas development. The regulations modernize the country’s upstream framework while offering greater transparency on how projects will be structured, evaluated and managed, supporting a new wave of investment as Venezuela works to rebuild production.

The reforms establish a clearer pathway for attracting investment, revitalizing production and repositioning Venezuela as a major global hydrocarbon supplier. They build on a series of milestones achieved in 2026 as international operators return to the market and exports continue their recovery. Export volumes have reached 1.25 million barrels per day, the highest level in years, while companies including Chevron, ExxonMobil, ConocoPhillips, Shell and bp continue expanding their presence in the country.

The AEC visit reinforced Venezuela’s commitment to sustaining this momentum. Industry analysis estimates that the country will require approximately $183 billion in upstream and supporting infrastructure investment between 2026 and 2040 to achieve its production target of 3 million barrels per day, including roughly $53 billion to sustain existing production. Brownfield redevelopment is expected to provide the quickest gains, with an estimated 300,000-350,000 barrels per day recoverable through relatively low-cost interventions. Longer-term production growth will depend on greenfield investment, with annual capital expenditure of $8-9 billion required through 2040 to support production of 2 million barrels per day by 2030 and 3 million barrels per day by 2040.

“Our meetings in Caracas demonstrated a clear determination from Venezuela’s leadership to move the sector forward, and the AEC stands ready to support that journey by connecting the country with investors, operators and strategic partners capable of delivering the capital, technology and expertise needed for long-term growth,” Ayuk said.

The meetings build on the memorandum of understanding signed between the AEC, PDVSA and Venezuela’s Ministry of Hydrocarbons in February 2026 to strengthen cooperation on upstream development, refining, investment promotion and technical capacity building. Together, these initiatives reflect a shared commitment to unlocking Venezuela’s hydrocarbon potential while ensuring the country’s energy resources contribute to sustainable economic growth, improved energy access and long-term national development.

Distributed by APO Group on behalf of African Energy Chamber.

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ACG CEO Paulo J. Cruz to Speak at the Angola Access & Investment Conference 2026 in Luanda on How Sport and Entertainment Districts Can Drive Inclusive Economic Growth Across Africa

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Cruz joins heads of state, ministers, ambassadors, and CEOs from over 60 international markets at one of Angola’s flagship investment conferences, connecting sport infrastructure to job creation, accessibility, and sustainable development

LUANDA, Angola, October 14, 2026/APO Group/ –African Collaborations Group (ACG) (www.ACGafrica.com), the leading strategic project origination and collaboration platform focused on the industrialisation of sport in Africa through the origination of bankable sport and entertainment district ecosystems, today announced that its CEO, Paulo J. Cruz, will speak at the Angola Access & Investment Conference 2026 (AAIC) (www.aaic.ao) in Luanda, Angola, from 14 to 17 October 2026.

 




 
 

The AAIC is organised by Expo Connect Angola in partnership with Skyliam Properties, the Cópia Group, and Angolan Business Beyond Borders, with the support of the Angola-Mozambique Chamber of Commerce and Industry (CCIAM) and the Angolan Ministry of Tourism and the Ministry of Telecommunications, Information Technologies, and Social Communication. The conference brings together heads of state, ministers, ambassadors, CEOs, investors, development banks, and business leaders from over 60 international markets.

Mr Cruz will address how ACG’s origination of integrated sport and entertainment districts contributes directly to inclusive economic growth. His intervention will focus on how sport infrastructure, when designed as a financially self-sustaining urban ecosystem, becomes a catalyst for large-scale job creation, skills development, accessible infrastructure, and long-term economic diversification.

Sport infrastructure has the power to be one of the most inclusive economic assets a country can build

The AAIC’s focus on accessibility and inclusion aligns directly with ACG’s approach to sport and entertainment district development. A Victory District™ is designed from inception to serve the widest possible community: creating permanent employment across dozens of professions, providing professional sport training facilities for young athletes, and generating economic activity that benefits surrounding neighbourhoods year-round.

“Sport infrastructure has the power to be one of the most inclusive economic assets a country can build,” said Paulo J. Cruz, CEO of ACG. “A Victory District™ does not just create stadiums. It creates thousands of permanent jobs, from hospitality to broadcast production, from sport coaching to facility management. It creates training pathways for young athletes. And it creates an urban ecosystem that generates economic activity 365 days a year. That is inclusive growth in practice, not in theory. I am honoured to share that vision at the AAIC alongside some of Africa’s most influential investors and decision-makers.”

The AAIC programme includes official MoU signing ceremonies, B2B investment rounds, VIP executive networking with senior government and business leaders across 10 dedicated Business Lounges, and the inauguration of Angola’s first assistive technology factory. The conference covers priority sectors including energy, mining, accessible tourism, agriculture, logistics, health, and infrastructure.

ACG’s Victory District™ framework is designed to originate integrated, mixed-use sport and entertainment districts that move beyond single-venue development models. Each district combines stadiums, indoor arenas, training academies, hotels, conference centres, retail, entertainment, residential, and commercial space within a single masterplanned development, financed by private and institutional capital without reliance on public subsidy.

Mr Cruz brings more than 28 years of experience across Africa, the Middle East, and Europe in originating, structuring, and delivering large-scale infrastructure, urbanisation, and real estate development initiatives. Prior to ACG, he served as Senior Vice President at DAMAC Group, the largest private real estate developer in the Middle East, and as Group CEO of LandAfrique, a pan-African development platform focused on industrial parks, infrastructure, housing, and power projects across Sub-Saharan Africa.

Distributed by APO Group on behalf of African Collaborations Group (ACG).

 

 




 

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Venezuelan Oil and Gas Opportunities Take Center Stage at African Energy Week (AEW) 2026

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Venezuela

The country is promoting new hydrocarbons contracts, upstream and refining opportunities, and technical partnerships with Africa to attract investment and strengthen local energy sector capabilities

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –Venezuela is seeking to attract international investment into its oil and gas sector while building stronger energy partnerships with African countries. Revised hydrocarbon legislation offers new entry routes for private operators, while cooperation on technical training could help African markets draw on Venezuela’s industry expertise. These opportunities featured at the Venezuela Global Investment Forum during African Energy Week (AEW) 2026 in Cape Town.

 




 
 

Ricardo Gomez, Venezuela’s Vice Minister of Commercial Policy, outlined the country’s investment proposition, highlighting 303 billion barrels of proven oil reserves and 193 trillion cubic feet of natural gas.

“Venezuela combines a large hydrocarbon resource base with refining infrastructure and a market that needs reliable energy,” he said. “The opportunities extend from upstream projects to downstream and refining.”

The country’s amended Organic Hydrocarbons Law introduces new ways for international companies to enter the market. Hydrocarbon production participation contracts allow private operators to manage designated assets, oversee operations and market production under negotiated terms. Agreements can extend for 25 years, offering a longer investment horizon for field development and rehabilitation.

Restructured joint venture companies provide another route, retaining majority state ownership while allowing international partners to take on operational responsibilities through approved agreements. Direct ministerial contracts and strategic alliances offer additional opportunities in field redevelopment, oilfield services and infrastructure.

Venezuela is seeing a lot of interest as a result of aggressive fiscal and regulatory changes that are making the country more attractive

Potential investments span heavy-oil production in the Orinoco Belt, mature onshore fields, offshore gas, pipeline rehabilitation, export terminals and refinery upgrades. Venezuela’s target of signing 105 definitive oil contracts by year-end reflects its wider effort to attract operators and accelerate project development.

Scott Gilbert, CEO and Executive Director of Corcel Plc and Non-Executive Chairman of Apertura Energy, highlighted investor interest in the changing regulatory environment. “Venezuela is seeing a lot of interest as a result of aggressive fiscal and regulatory changes that are making the country more attractive,” he said.

Alongside these commercial opportunities, Venezuela is promoting its technical expertise through the Venezuelan University of Hydrocarbons (UVH). Celia Bejarano, the university’s President, explained how the institution trains engineers and geologists in geophysics, reservoir engineering, well management, natural gas and petrochemicals.

“The Venezuelan University of Hydrocarbons was created to deliver a specialized institution where the country can train its own recruits to develop its own premier resources,” Bejarano said.

Through its Africa-Venezuela Energy Partnership with the African Energy Chamber (AEC), UVH is advancing technical training, knowledge exchange and workforce development. The initiative could help African energy projects apply Venezuela’s experience in heavy-oil production and offshore engineering while strengthening local capabilities. Rene Awambeng, founder and managing partner of Premier Invest, highlighted this opportunity for African developers.

“When we are developing our assets here, we always import talent,” he said. “With the Venezuelan University of Hydrocarbons, we can actually leverage Venezuela’s immense experience to support local content development here in Africa.”

Also speaking during the discussion, NJ Ayuk, Executive Chairman of the AEC, emphasized the strategic value of closer ties between the regions. “Our energy industry has an amazing ally in Venezuela,” he said, describing the country as “open for business and ready to partner with Africa.”

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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Sonangol Cites Commitment to Privatization as Company Charts Next Growth Phase

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Katambi

Katambi-2 appraisal, infill drilling and downstream construction frame the national oil company’s priorities as it marks its 50th anniversary

CAPE TOWN, South Africa, October 14, 2026/APO Group/ –Angolan National Oil Company Sonangol is advancing plans for an initial public offering (IPO) while expanding its upstream portfolio and investing in Angola’s domestic refining capacity, as the national oil company charts its next phase of growth following its 50th anniversary in 2026. Speaking at the opening ceremony of African Energy Week (AEW) 2026, Executive Board Member Osvaldo Inácio reaffirmed the company’s commitment to privatization, alongside efforts to increase production, progress new developments and translate Angola’s oil and gas resources into broader economic growth.

 




 
 

 

“We want to make sure that we do it in a way that, when you buy your shares, you are happy with the performance of those shares. We are doing the internal work required to make sure that when we get to that point, it’s a successful story,” he said.

We want to make sure that we do it in a way that, when you buy your shares, you are happy with the performance of those shares

Sonangol’s 50th anniversary comes as Angola’s NOC develops opportunities across exploration, producing assets and domestic processing. Its next investment phase requires capital and technical partners to turn appraisal results into developments while delivering refinery infrastructure and expanding the value retained from Angola’s oil and gas production.

“We are thinking about what the next 50 years will be like, focusing on producing to transform. We are not only looking at managing resources but how we translate those resources into overall development in the country,” he said.

Sonangol’s September account of its Katambi-2 work in Block 24 described a completed formation test in a non-associated gas reservoir, providing further evidence for assessment of the field’s development potential. In its producing portfolio, the company and its partners also reported approximately 100 meters of net oil pay at PAC 416 in Block 3/05, as part of a program intended to increase operated production. The results give Sonangol a technical basis for future investment, while appraisal, development design and commercial arrangements remain necessary steps.

“If you look at our portfolio, we have both operated and non-operated assets. The focus is on making sure we are doing everything we can to make sure those assets are still producing at the highest rate possible. New developments such as Block 3/05 are advancing. We are also part of Kaminho with TotalEnergies,” Inácio shared.

Downstream, Angola’s government reported in September that the Lobito refinery was approximately 26% physically complete, with around $1.6 billion invested and completion envisaged for 2029. A potential petrochemical complex was under study. Alongside Cabinda’s initial 30,000-bpd refining phase, Lobito gives Sonangol’s diversification program a concrete industrial focus, with financing, construction progress and product marketing central to the next stage.

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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