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Venezuela Under Rodriguez: Turning Back Toward Stability and Opportunity (By NJ Ayuk)

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African Energy Chamber

Venezuela possesses the world’s largest proven oil reserves, estimated at approximately 303 billion barrels or roughly 17% of global totals, with a value equating to tens of trillions of dollars

JOHANNESBURG, South Africa, May 25, 2026/APO Group/ —By NJ Ayuk, Executive Chairman, African Energy Chamber (https://EnergyChamber.org).

Just a decade ago, many had written off the Venezuelan oil industry and, by extension, Venezuela itself, determining that it was on the brink of an irreversible collapse. A more pessimistic view asserted that the country had already become a failed state, and it would just take some time for the rest of the world to see it for themselves.

On January 3, 2026, when U.S. Special Forces carried out strikes against military targets in northern Venezuela and a raid of the presidential compound in Caracas, culminating in the capture and extradition of President Nicolás Maduro and his wife to the US.  Numerous analysts predicted the shocking and sudden upheaval would inevitably result in violent civil conflict and an even greater economic disaster for a country already battered by years of economic embargoes and chaos.

In retrospect, the fallout from Maduro’s arrest and removal proved much less severe than experts predicted, and Delcy Rodríguez’s transition from executive vice president to acting president in Maduro’s absence moved forward without much turbulence.

A little less than two months later, together with my team from the African Energy Chamber (AEC), I was able to meet with President Rodríguez in Caracas. It is my great pleasure to report that we did not encounter an administration mired in uncertainty and instability but rather one demonstrating optimism and a clear sense of renewal.

Venezuela is in very good hands under President Rodríguez, who personally expressed to us her firm commitment to recovery through reforms and new partnerships.

Resurrecting a Powerhouse

Venezuela possesses the world’s largest proven oil reserves, estimated at approximately 303 billion barrels or roughly 17% of global totals, with a value equating to tens of trillions of dollars. From its most recent peak of roughly 3.5 billion barrels per day (bpd) in the late 1990s, Venezuelan oil production suffered a steep decline to 2.6 million bpd over the next few years when a 2002 strike at the national oil company Petróleos de Venezuela, S.A. (PDVSA) motivated then-President Hugo Chavez to replace nearly half the company’s workforce. While initially production remained steady at that lower rate under President Maduro, elected after Chavez’s death in 2013, the subsequent crash in global oil prices marked the start of further declines that saw production rates eventually hit new lows of only 300,000-400,000 bpd in 2020.

Production has since rebounded to about 1 million bpd as of early 2026.

With a continuation of the stability found under the Rodríguez administration, along with simplified regulations, Venezuela can attract the level of investment required to bolster production rates even further. Though it would be a best-case scenario, with these elements in place, experts project that, within a decade, Venezuela could see the return of a 2.5 million bpd output and even the historical peaks of 3.5 million bpd achieved in the 1990s. But all signals indicate that President Rodríguez is earnestly committed to that very outcome.

In January, President Rodríguez (who held the additional role of Venezuela’s oil minister until March) overhauled the country’s Organic Hydrocarbons Law, deregulating the energy sector in a move that is expected to draw in USD1.4 billion in investments this year alone.

This reform bill, while it maintains state ownership of reservoirs, eases up on the terms that once mandated a majority stake and operational control for PDVSA in joint ventures. Through what the reforms describe as “production participation contracts” — effectively a production-sharing model — the bill also grants private firms more autonomy in exploration, production, and commercialization. Other attractive changes address royalty caps, taxation, and independent/foreign dispute resolution.

In a nutshell, President Rodríguez’s reforms slash at the bureaucracy that has been keeping Venezuela from realizing its true energy potential. She has cut red tape and rollout the red carpet to energy investors and Venezuela stands to win.

President Rodríguez has also proven herself as a reliable collaborator.

By maintaining Venezuela’s commitments to OPEC, especially through the political upheaval of the past five months, President Rodríguez has done her part in supporting the stability of the global oil market while preserving her country’s beneficial ties to the other OPEC countries. Furthermore, the Rodríguez administration’s vision for Venezuela’s rebound extends beyond oil.

Venezuela’s natural gas reserves, estimated at roughly 200 trillion cubic feet (Tcf), rank the country’s holdings among the world’s largest, and President Rodríguez plans to develop these resources to their fullest.

President Rodríguez’s reforms slash at the bureaucracy that has been keeping Venezuela from realizing its true energy potential

While Venezuela’s Organic Hydrocarbons Law regulates gas associated with crude oil production, the separate Gaseous Hydrocarbons Law governs non-associated gas and offers even more flexibility on private ownership stakes and trading activities than regulations that apply to oil.

The Rodríguez administration intends to leverage these conditions to monetize offshore non-associated gas fields such as Dragon, Loran-Manatee, and Perla through partnerships with international majors like Shell, BP, Eni, and Repsol. Plans are also in place to ramp up pipeline exports to Trinidad and Tobago and to capture gas at sites where it is currently being flared to both reduce waste and supply domestic power generation.

With the rise of AI data centers increasing the demand for electricity production the world over, these strategies should attract a great deal of foreign investment to Venezuela and generate revenue at a quicker pace than many large-scale oil projects, all while improving the reliability of the national grid and positioning the country as a significant contributor to global supply.

What This Means for Africa

For decades, Venezuela has demonstrated a willingness to ally with African oil-producing nations. With one of the highest proportions of African ancestry among the Spanish-speaking countries of Latin America, there is a deep admiration for Africa in Venezuela, and the nation has been consistent in its support for the rights of African producers to drill in their own territories in the battle against energy poverty. Even years before the foundation of OPEC, it was Venezuelan representatives who expressed a desire to coordinate with Africa’s sovereign, developing oil producers to collaborate on global petroleum policies. When the organization officially formed in 1960, Libya was the first African nation invited into the fold only two years later. Both the Chávez and Maduro administrations even went so far as to establish numerous state-sponsored promotions of the Afro-Venezuelan identity including the creation of a Vice Ministry for African Relations and additional Venezuelan embassies throughout Africa. Venezuela was also among the first countries to indicate interest in supporting or hosting concepts related to the Africa Energy Bank, underscoring its commitment to African energy sovereignty.

This same welcoming disposition is alive and well in Venezuela today, as our recent AEC trip to the nation’s capital confirmed.

During our delegation’s visit, we engaged directly with PDVSA leadership, energy ministers, and President Rodríguez herself. The warmth of their reception and the clarity of their vision left a lasting impression.

The Venezuelan officials we met with emphasized an openness to African participation across all facets of production, and President Rodríguez has been fully open to African investments in and beyond oil. She was eager to formalize cooperation, which would include dedicated programs to train African professionals at Venezuela’s renowned Universidad Venezolana de los Hidrocarburos (UVH), which has now opened itself specifically to such initiatives.

In the end, we signed a landmark memorandum of understanding, committing both Venezuela and the AEC to working towards increased investment, trade, technology exchange, and human capital development among numerous other items.

This potential trading partnership, especially regarding natural gas, holds profound significance for Africa, where approximately 600 million people lack access to electricity, and nearly 1 billion still rely on dangerous traditional biomass for cooking.

These inequities wreak havoc on human health and hold back development. Reliable energy from fossil fuels has proven time and again to be the most reliable bridge to modern energy access and human flourishing, and I was pleased to learn that President Rodríguez shares my passion for eradicating this deficit.

With over a century of experience in the oil and gas industry, Venezuela complements Africa as a whole. Our deep bench of producers, entrepreneurs, and international partners can work seamlessly with Venezuelan counterparts to scale up output and reduce energy poverty on both continents. It was refreshing to engage with leadership that shares this vision, and the AEC is excited to make Venezuela a key focus of our 2026 and 2027 initiatives.

African producers should seriously consider Venezuela as a strategic investment destination. The country offers world-class technical expertise, a skilled workforce, and vast proven reserves. With improving conditions in the energy sector and a government open to partnerships, Venezuela represents significant long-term potential for mutually beneficial cooperation. Strategic investments now could position African players as key partners in the country’s energy future while delivering attractive returns.

The Way Back

The approach to making Venezuela the best country for energy investments that President Rodríguez has taken since stepping into her current role is already working. In recognition of her hydrocarbons law reforms, the U.S. lifted fiscal and travel sanctions that were in place on both her and PDVSA, allowing transactions between U.S. companies and Venezuelan banks to recommence.

Other players in the global community have demonstrated confidence in Venezuela’s recovery as well. The return of major airlines like Qatar Airways, American Airlines, TAP Air Portugal, and Turkish Airlines coincided with President Rodríguez’s meetings with reportedly over 120 other multinational corporations.

This renewed confidence is perhaps most clearly visible in the energy sector, where major international oil companies have moved quickly to re-enter the Venezuelan market. Since President Rodríguez took office, Eni has signed a major agreement to relaunch the giant Junín-5 heavy oil project in the Orinoco Belt, Shell has secured deals to develop the Dragon offshore gas field and is in negotiations to develop the Carito and Pirital onshore fields, and Hunt Oil has finalized multi-billion dollar agreements to explore and produce heavy crude in the Monagas, Anzoátegui, and Barinas regions. These developments build directly on the hydrocarbons law reforms and the lifting of sanctions, signaling a return of strong international trust in Venezuela’s energy future.

Outside the administration, the everyday Venezuelans we engaged with during our stay in their country all shared a resilience, an ambition, and a commitment to rebuilding their economy. President Rodríguez is a perfect reflection of these people, and we are confident she will serve them well.

If there is one lesson we have learned since founding the AEC, it is that political stability and clear and favorable regulations create an enabling environment for the energy sector to operate at its maximum potential. With President Rodríguez at the helm, Venezuela has repositioned itself in accordance with this principle. We look forward to working with this administration as it steers the country away from becoming a cautionary tale and towards its future as an example of progress.

Distributed by APO Group on behalf of African Energy Chamber.

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Nigeria Mining Week promises high-level engagement on critical minerals and industrialisation roadmap

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1 day ago

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July 28, 2026

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Nigeria

“New Critical Minerals Forum will focus on needs for global energy transition”

CAPE TOWN, South Africa, July 28, 2026/APO Group/ –Hot on the heels of Nigeria’s unveiling of a strategic roadmap designed to convert the country’s mineral wealth into investments in clean energy manufacturing and domestic value addition, the organisers of the Nigeria Mining Week conference and expo have revealed this year’s packed and topical programme.

Convening at the Abuja Continental Hotel in the Nigerian capital from 13 to 14 October, this longstanding mining gathering of note supports Nigeria’s ambition to become a regional refining and processing powerhouse. The theme of this year’s event is “Unlocking Investment and Growth through Partnerships.”

DOWNLOAD THE BROCHURE (https://apo-opa.co/4yPtbdV)

Unveiling strategic roadmaps

Says Samukelo Madlabane, Event Director – Mining Portfolio, VUKA Group: “The Nigerian government has sought to boost beneficiation and industrialisation in its mining sector by mandating local processing, opening large scale mineral plants and unveiling strategic roadmaps that link critical minerals to clean energy manufacturing. Recent initiatives focus on lithium, copper and bauxite, aiming to move beyond raw exports and build integrated value chains.”

Earlier this month, the Council for Critical Minerals Development in the Global South presented a Critical Minerals Roadmap to the Minister of Solid Minerals Development, Dr Dele Alake, outlining strategies to harness Nigeria’s lithium, copper and bauxite resources in order to strengthen local industries, advance mineral beneficiation and draw investment into green manufacturing.

Madlabane adds: “Nigeria Mining Week is perfectly timed for this defining moment in this nation’s mining sector. Our new Critical Minerals Forum will focus on the minerals needed for the global energy transition, such as lithium, REEs, graphite, copper, and other battery or tech minerals, and how Nigeria must position itself to attract serious investment and unlock the country’s rapidly expanding opportunities.”

The Nigeria Mining Week programme highlights include:

Critical Minerals Forum: 13 October

  • Strategic Leadership in the Critical Minerals Race

This session will focus on positioning Nigeria with US and EU MSP initiatives and Asian cathode makers, ensuring bankable offtake term sheets, scaling REE projects responsibly, building infrastructure and traceability rules, and securing independent assurance to strengthen buyer confidence.

  • Building Reliable Pathways from Nigeria to Global Battery, Magnet & EV Markets

International buyers demand clear technical specifications, impurity thresholds and QA/QC standards before agreements with Nigerian projects. Success depends on structuring long term supply contracts, strengthening traceability and ESG documentation, and building credibility with partners across Asia, Europe, the US and the Gulf to secure sustainable supply chain integration.

Exploration & Geological Data:

Unlocking Nigeria’s Exploration Potential

This session explores how investment grade datasets, AI driven discovery and geoscience portals can unlock capital for Nigeria’s mining sector. Experts highlight data standards, licensing simplification and environmental safeguards to accelerate investor confidence and global competitiveness within 12 months.

Financing & Investment:

Financing Exploration & Junior Mining Companies

This session examines Nigeria’s data room requirements, capital structures and licensing reforms to attract investment. Experts highlight clean titles, ESG credibility, traceability and offtake signals as essential for DFIs, investors and global buyers to commit confidently within tight timelines.

Our new Critical Minerals Forum will focus on the minerals needed for the global energy transition, such as lithium, REEs, graphite, copper, and other battery or tech minerals

Industrialisation:

From Ore to Industry – Beneficiation & Refining

This session focuses on commissioning strategies for Nigeria’s lithium and gold projects, contracting for feed security, realistic OPEX benchmarks, and training partnerships. Experts outline pathways from first product to battery grade chemicals and value added metals supported by regulatory adjustments.

Gemstones:

Developing Nigeria’s Gemstone Value Chains

Exploring the formalisation of Nigeria’s artisanal gemstone mining through cooperatives, traceability and certification, experts will highlight international grading standards, models from Tanzania and Zambia, domestic gemstone clusters and incentives to attract global buyers, processors and jewellery manufacturers.

Policy, Regulation & Governance:

Building a Clear, Predictable and Competitive Policy Environment

Nigeria’s mining sector needs regulatory reforms to strengthen licensing predictability, improve contract stability, enhance transparency through NEITI and MCO, align beneficiation and ASM formalisation with global standards, and draw lessons from Zambia, Namibia, Botswana and Ghana to boost investor confidence.

ESG & Sustainability:

ESG that Wins Investments

This session will focus on how Nigeria must define evidence grade traceability for US and EU buyers, adopt global water and tailings practices, apply CDA designs from Ghana Botswana and Peru, meet gender inclusion KPIs within 12 months, and secure independent assurance to strengthen financing and offtake terms.

Infrastructure & Power Integration:

Power to Mines & Logistics for Industrialisation

This session will examine IPP and cogen models from India Australia and Brazil, lessons from the Lobito Corridor for Nigerian rail port power integration, ballast and aggregate standards, digital logistics tools to reduce losses, and PPP structures enabling long tenor corridor financing.

Side events and forums

Other well-known side events and forums that make a welcome return to Nigeria Mining Week and always add to the engaging atmosphere include:

  • The Gold Forum
  • The Steel & Industrial Minerals Forum
  • The Women in Extractive Industries Forum
  • The CEO Roundtable
  • The Deal Room
  • – Project Showcase & Private Capital Engagement

Industry support

Over the last 11 years, Nigeria Mining Week has become thé gathering place for many mining pioneers and suppliers, and many have become longstanding partners of the Abuja gathering. Titan Minerals Ltd is returning as the diamond plus sponsor; KMDC, Kursi, Lovol, Sinogrand, and XCMG have already signed up as diamond sponsors; and SMT Nigeria is back as a platinum sponsor.

The event will gather 3,000+ attendees, 75+ world class speakers and 150+ exhibitors and solution providers. Countries that are expected to have a strong presence with international pavilions are UK, EU, US, China, UAE, Canada, South Africa and India.

The Nigeria Mining Week conference and expo is organised by the Miners Association of Nigeria, in partnership with PwC, VUKA Group and Mining Review Africa, with the Nigerian Ministry of Mines and Steel Development as official host. NEITI is the event’s transparency partner.

DOWNLOAD THE BROCHURE (https://apo-opa.co/4yPtbdV)

Distributed by APO Group on behalf of VUKA Group.

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Customer Experience Management (CEM) Africa 2026 Welcomes Three Influential Global Speakers

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1 day ago

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July 28, 2026

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CEM

Together, they represent three distinct but complementary perspectives on leadership, customer experience and business transformation

I am particularly keen to explore Cape Town’s seamless integration of global brands and unique local retailers, alongside its exceptional culinary scene and vibrant public spaces

CAPE TOWN, South Africa, July 28, 2026/APO Group/ –CEM Africa, Africa’s leading customer experience conference, has announced three internationally respected speakers who will take to the stage at CEM Africa 2026, taking place from 18 – 20 August 2026 in Cape Town.

 

Bringing together senior leaders from customer experience, marketing, digital transformation, retail, customer service and business strategy, CEM Africa continues to attract influential voices who challenge conventional thinking and share practical insights that organisations can apply to create stronger customer relationships and better business outcomes.

Joining this year’s programme are Martin Urrutia, Global Head of Retail Experience at The LEGO Group; Bruce Whitfield, one of South Africa’s most respected business journalists and best-selling authors; and Zahirah Variawa, Emmy-nominated television presenter, award-winning travel producer and destination marketing strategist.

Together, they represent three distinct but complementary perspectives on leadership, customer experience and business transformation.

Creating World-Class Customer Experiences

Making his South African debut at CEM Africa, Martin Urrutia brings extensive global expertise in retail experience design and customer engagement.

As the Global Head of Retail Experience at The LEGO Group, Martin leads the development of retail concepts and customer experiences that strengthen one of the world’s most recognised brands. His work demonstrates how thoughtful experience design, innovation and brand strategy can be translated into commercially successful customer experiences across global markets.

During his session, Martin will share practical insights into designing memorable retail experiences that strengthen customer relationships while delivering measurable business value.

Speaking ahead of his visit to Cape Town, Martin said:

“During my visit to Cape Town, I look forward to engaging with the city’s authentic experiences, local culture, and distinctive destinations, all of which continue to inform and inspire the retail and brand experiences I create. I am particularly keen to explore Cape Town’s seamless integration of global brands and unique local retailers, alongside its exceptional culinary scene and vibrant public spaces — environments that foster connection, discovery, and new perspectives.”

Leadership in an Age of Uncertainty

Bruce Whitfield has built a reputation as one of South Africa’s most trusted business commentators, interviewing some of the world’s leading executives, entrepreneurs and innovators throughout his career. Drawing on decades of experience covering business, leadership and economic change, Bruce will explore how leaders can make better decisions, embrace uncertainty and identify opportunity in rapidly changing environments.

His keynote will challenge delegates to rethink how resilience, adaptability and decisive leadership can become competitive advantages in today’s business landscape.

The Power of Storytelling to Shape Experiences

Joining the programme is Zahirah Variawa, whose career spans more than 16 years across Africa, the Middle East and international markets.

An Emmy-nominated television presenter, award-winning travel producer, content creator and destination marketing strategist, Zahirah has partnered with tourism boards, governments, airlines and luxury hospitality brands to shape how destinations are experienced and remembered. Beyond broadcasting, she advises governments and international organisations on destination marketing strategy, facilitates industry dialogue and champions tourism as a catalyst for economic growth across Africa.

At CEM Africa 2026, Zahirah will explore how storytelling, human connection and authentic experiences influence perception, build trust and create lasting emotional connections. Her session will demonstrate why the principles of destination branding and experience design are increasingly relevant to organisations seeking to differentiate themselves through customer experience.

A Platform for Africa’s Customer Experience Leaders

The announcement reinforces CEM Africa’s position as the continent’s premier gathering for senior customer experience professionals, bringing together business leaders to explore the ideas, strategies and innovations shaping the future of customer engagement.

From world-class retail innovation and leadership to the power of storytelling, delegates will gain practical insights from speakers whose experience extends well beyond traditional customer experience disciplines. Together, they demonstrate that exceptional customer experiences are shaped by design, strengthened by leadership and brought to life through authentic human connection.

CEM Africa 2026 takes place in Cape Town from 18–20 August 2026, bringing together senior decision-makers from financial services, retail, telecommunications, healthcare, technology, government and other leading industries for three days of learning, networking and business collaboration.

For more information and to register, visit the CEM Africa website.

CEM Africa.com (https://apo-opa.co/4wtCFtN)

View the event programme https://apo-opa.co/4wr3j6r

Ticket Options https://apo-opa.co/4bgs9gQ

Distributed by APO Group on behalf of VUKA Group.

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Energy

Gabon Opens the Next Chapter of Offshore Growth as Hydrocarbons Minister Clotaire Kondja Joins African Energy Week (AEW) 2026

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1 day ago

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July 28, 2026

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African Energy Chamber

Gabon Petroleum and Gas Minister Clotaire Kondja will speak at AEW 2026, highlighting offshore expansion, gas reforms and new investment opportunities across the country

CAPE TOWN, South Africa, July 27, 2026/APO Group/ –Clotaire Kondja, Gabon’s Minister of Petroleum and Gas, has been confirmed as a speaker at African Energy Week (AEW) 2026, bringing one of Central Africa’s foremost architects of upstream reform to the continent’s premier energy investment event. Since taking office in January 2026, Minister Kondja has accelerated efforts to attract international capital, unlock Gabon’s largely untapped offshore potential and commercialize its substantial natural gas resources.

Taking place in Cape Town from October 12‒16, AEW 2026 serves as the continent’s leading platform for energy investment, convening government leaders, operators, financiers and technology providers to drive deals across Africa’s oil, gas and energy sectors. With more than 2 billion barrels of proven oil reserves and significant untapped offshore acreage, Gabon continues to offer prolific investment opportunities that will be showcased to global investors in Cape Town.

Around 72% of the country’s deepwater acreage remains unexplored, and the government is actively opening new opportunities for investors. Speaking at the Invest in African Energy Forum in Paris in April, Minister Kondja confirmed that Gabon expected to finalize PSCs with ExxonMobil and bp, converting MoUs signed in October 2025 into active deepwater exploration licenses. The government’s modernized Hydrocarbons Code and enhanced fiscal framework are further strengthening the investment case, creating competitive conditions for companies pursuing frontier exploration, mature field redevelopment and long-term production growth.

Minister Clotaire Kondja is leading a new era of investment across Gabon’s oil and gas sector through competitive reforms, frontier exploration and strategic gas development

Upstream investors are targeting frontier offshore blocks and redevelopment of mature assets, while midstream opportunities include new pipelines, storage infrastructure and refinery upgrades. At the same time, the government’s gas modernization agenda is opening investment across LNG exports, gas-to-power projects and downstream industrial gas applications as Gabon positions itself as a regional petroleum and gas hub. The government has also eliminated signature bonuses for deepwater and ultra-deepwater blocks while launching a 2026 licensing campaign covering roughly 70% of the country’s available offshore acreage.

A new investor-friendly Gas Code is under development, complemented by plans for a 130‒150-km pipeline linking Gamba to Libreville by early 2028. The strategy is supported by Perenco’s $2 billion Cap Lopez LNG project, expected to begin operations in 2026 through an FLNG facility capable of producing 700,000 tons of LNG and 25,000 tons of LPG annually while significantly reducing gas flaring.

Investment activity is gathering pace across the sector. BW Energy, Panoro Energy and Gabon Oil Company approved the $300 million Bourdon offshore development in May 2026, targeting first oil in the first quarter of 2028 from approximately 25 million barrels of recoverable reserves. BW Energy and Panoro Energy are also progressing the MaBoMo Phase 2 development, expected to deliver first oil during the first half of 2027, while Assala Energy’s Magoga-A discovery confirmed 8m of net oil play in the Gamba Sandstone formation. Meanwhile, investment continues to accelerate across the midstream segment through planned gas gathering infrastructure, expanded storage capacity and refinery modernization, supporting the government’s ambition of building an integrated petroleum industry while capturing greater value from domestic gas production.

“Minister Clotaire Kondja is leading a new era of investment across Gabon’s oil and gas sector through competitive reforms, frontier exploration and strategic gas development. As Gabon opens new offshore opportunities and advances major infrastructure projects, his insights at AEW 2026 will be invaluable for investors looking to participate in one of Africa’s most dynamic energy markets,” says NJ Ayuk, Executive Chairman, African Energy Chamber.

Beyond showcasing Gabon’s investment agenda, Minister Kondja’s participation will contribute to broader discussions on how African producers can remain globally competitive amid shifting capital flows, evolving energy demand and growing pressure to deliver long-term energy security. His perspective will add to high-level dialogue between policymakers, operators and financiers focused on accelerating investment and strengthening Africa’s role in the global energy landscape.

Distributed by APO Group on behalf of African Energy Chamber.

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