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

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3 months ago

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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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Comsol enters wholesale 5G home broadband market with backing from new shareholders

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10 hours ago

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August 20, 2026

By

Comsol

Comsol aims to blanket South Africa with around 2,000 base stations, representing one of the country’s largest standards-based and highest-capacity 5G networks

JOHANNESBURG, South Africa, August 20, 2026/APO Group/ —

  • New shareholder alignment funds the multibillion-rand buildout of a purpose-built 5G-Advanced fixed wireless access (FWA) network.
  • Wholesale model enables established ISPs, MVNOs, WISPs and new market entrants to access South Africa’s fastest-growing broadband category.
  • Network brings stable, high-speed home connectivity and greater consumer choice to a growing market across the nation, including underserved areas, starting in Gauteng.

 

Comsol (https://Comsol.co.za/), a South African fixed wireless connectivity and private network operator with a history spanning nearly three decades, is entering the home broadband market as a wholesale provider of 5G infrastructure. The move is backed by two new shareholders: Platform Investment Partners, which has made 10 founder-stage fibre investments across four geographies over the past decade, and Wimsey Capital, a privately held investment company.

The new shareholding follows the exit of Nedbank Private Equity, part of Nedbank CIB, from its investment in Comsol. Convergence Partners, a major shareholder and long-standing investor in the business, together with Solcon Capital, is investing additional growth capital. Founder and CEO Iain Stevenson (through Mactavish Investments) retains his stake and is also investing additional capital into the company. RMB arranged and provided an innovative and holistic funding solution that enabled the shareholder transaction and will support the business in its strategic capex roll-out plan.

The move gives South African internet service providers, mobile virtual network operators (MVNOs) and other potential partners access to a standalone 5G-Advanced* network purpose-built for fixed wireless access (FWA). Comsol owns and operates the network as an end-to-end wholesale product, while its partners control the customer relationship and go-to-market strategy, including branding, commercials and support.

One million households in Gauteng already covered

Comsol started building its network six months ago and already covers more than a million households in Gauteng. The company is targeting full coverage of Gauteng by March 2027. Expansion into the Western Cape, KwaZulu-Natal and major regional centres will follow in 2027 and 2028.

Comsol aims to blanket South Africa with around 2,000 base stations, representing one of the country’s largest standards-based and highest-capacity 5G networks. The network creates a new wholesale option for South African service providers, giving them more network capacity choice through new infrastructure, enhancing the competitive landscape to the benefit of the consumer.

“Comsol anticipates where the market is heading and builds ahead of demand,” said Stevenson. “This is why we were investing in licensed spectrum years before its strategic value was widely understood and building private 5G before the market had grasped what it would enable. We see 5G-Advanced for the home as a big growth opportunity.

“ICASA has allocated spectrum to network providers to expand broadband access and increase competition in the market. We believe the way to honour that mandate is to build wholesale infrastructure that extends high-speed broadband to new customer segments and creates a platform for more competition at the well-established service provider layer.”

Backed by investors with deep experience in telecom infrastructure

Comsol anticipates where the market is heading and builds ahead of demand

Shaun Clark, CEO of Platform Investment Partners, added: “We have spent years investing in the construction of open-access digital infrastructure in South Africa, and were founding investors in assets such as DFA, Conduct, Vumatel and N99. Our approach has always been to identify trends in technology adoption and invest behind them. We see fixed wireless as an important part of the connectivity market. Comsol is a natural fit with our portfolio of digital infrastructure businesses, which are all centred around a neutral host model.”

Richard Ladbrook, Director of Wimsey Capital, said: “We see a significant opportunity in 5G fixed wireless access to bring high-quality connectivity to more South African households. Comsol has a multi-decade track record of successfully building and delivering advanced wireless networks in diverse contexts. We are excited to back the business and partner with the world-class Comsol team as they build and scale this next phase of growth.”

Said Andile Ngcaba, executive chairman of Convergence Partners and chairman of the Comsol board: “Comsol is well positioned as the world transitions from 5G to 6G. The depth of its spectrum and nationwide network presence across all provinces creates a significant opportunity to serve South Africa’s enterprise, private and public sectors. Comsol’s platform is equally relevant to urban and rural markets, and to companies of all sizes.”

For Nedbank Private Equity this exit concludes a successful nine-year investment in Comsol. “We are proud to have supported the company’s growth, network rollout and value creation journey alongside management and our co-shareholders. The transaction positions Comsol strongly for its next phase of growth,” said Yougan Moodley of Nedbank Private Equity.

The commercial case for advanced home 5G

Comsol’s wholesale 5G-Advanced offering complements existing fibre networks, expanding consumer choice and the reach of home connectivity.  Approximately 15% of South African households are connected to fibre, largely concentrated in dense metro areas where trenching costs are justified. This leaves a significant market adjacent to suburban markets where 5G FWA can be deployed quickly and at a substantially lower cost. The 5G-Advanced FWA network deployed by Comsol provides high capacity to support home broadband at scale, enabling entire towns to be covered in weeks.

Regulatory and technology developments in recent years have further strengthened the commercial case for 5G-Advanced FWA home connectivity. Comsol received its C-band spectrum licence from ICASA in 2022, providing investors with the certainty to fund the network rollout. The allocated spectrum supports speed-tiered plans with competitive pricing for consumers. Meanwhile, declining 5G chipset and CPE costs have lowered the upfront cost for consumers and ISPs entering the 5G FWA market. As a new entrant into the 5G wholesale market, Comsol also benefits from a modern 5G-Advanced standalone core, unencumbered by legacy technologies.

These advantages of 5G FWA are expected to drive significant growth over the next five years. ICASA data shows FWA subscriptions growing by roughly 39% year on year in 2025.** BMIT predicts that 5G may account for up to 67% of all residential FWA connections by 2029, up from 35% in 2024.***

Built differently

Comsol’s network is one of only two production 5G standalone cores currently live in South Africa. The network offers a level of ultra-low latency and dedicated capacity control that hybrid 4G/5G deployments cannot match, along with roughly double the uplink performance of typical 5G mobile operator networks.

Comsol’s implementation of 5G-Advanced is IMT-conformant, taking advantage of standards-based technologies that deliver significantly greater capacity at a lower cost per bit. Comsol’s network is purpose-built to deliver high-capacity 5G home connectivity at scale.

Advantages for partners

Comsol operates as a wholesaler and does not compete with its consumer-facing partners. ISPs and other partners retain ownership of their go-to-market strategies, including product commercials, packaging, billing and branding. Comsol’s API-driven platform enables partners to bring a branded 5G-Advanced FWA offering to market in weeks, while retaining a high degree of control over their products and customer engagement.

Comsol has designed the network to enable ISPs to reach new customer segments with connectivity geared towards streaming, video calls and smart-home use that make up the bulk of home broadband needs. Its API-driven architecture gives partners the flexibility to build differentiated packages for different customer segments and implement or adapt products within hours, enabling them to respond quickly to changing market demand.

Distributed by APO Group on behalf of Comsol.

 

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Electra Mining Africa: Showcasing the Technologies Shaping the Future of Industry

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10 hours ago

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August 20, 2026

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Mining

More than 1,000 exhibitors, technical seminars, industry forums and networking opportunities will bring together the people, products and ideas shaping industrial progress across Africa

JOHANNESBURG, South Africa, August 20, 2026/APO Group/ –As industrial technologies continue to evolve and mining, manufacturing and industrial businesses across Africa pursue greater productivity, improved safety, operational efficiency and more sustainable practices, the need for practical technologies, trusted expertise and strong business partnerships has never been greater. From automation and digitalisation to energy efficiency, sustainability and advanced engineering, organisations are seeking solutions that deliver measurable business value while supporting long-term growth.

Taking place from 7-11 September at the Johannesburg Expo Centre in Nasrec, Johannesburg, Electra Mining Africa will once again provide a meeting place for industry. Recognised as one of Africa’s leading industrial exhibitions, the event will bring together more than 1,000 predominantly local exhibitors, together with international companies, country pavilions, industry organisations, technical specialists, business leaders and decision-makers from across mining, manufacturing and related industries.

By bringing together six complementary sectors—mining, manufacturing, automation, electrical and power, transport and related engineering sectors—under one roof, Electra Mining Africa enables visitors to explore how integrated technologies and solutions can improve productivity, safety and operational performance. The exhibition provides a unique opportunity to compare products, engage directly with technical experts and discover how innovations from different sectors are increasingly working together to support smarter industrial operations.

Reflecting continued industry confidence, Electra Mining Africa has expanded its footprint for the 2026 edition, growing by 4,000m² to a record 44,000m² of net exhibition space across six indoor exhibition halls and expanded outdoor display areas.

Visitors will have the opportunity to explore solutions ranging from large-scale mining equipment and industrial machinery to automation systems, artificial intelligence (AI), robotics, digital manufacturing, predictive maintenance technologies, power solutions and advanced engineering services. The exhibition also features pumps, valves, welding and fabrication equipment, safety solutions, personal protective equipment (PPE), tools, components and specialist industrial services.

Electra Mining Africa has become an important business platform for companies serving markets across Africa. At the previous edition, industry professionals from 58 countries were represented, reflecting the exhibition’s growing international reach and its role in connecting manufacturers, technology suppliers, distributors, buyers and decision-makers from across the continent and beyond. For many exhibitors, the exhibition provides opportunities to strengthen customer relationships, meet prospective buyers, appoint distribution partners and explore new business opportunities. For visitors, it offers access to both internationally recognised brands and locally developed technologies designed to address the operational requirements of African industry.

Electra Mining Africa brings together the technologies, expertise and industry relationships that help organisations make informed decisions

Beyond the exhibition floor

Electra Mining Africa offers an extensive programme of technical knowledge sharing, professional development and industry collaboration. Free-to-attend seminars hosted by the Southern African Institute of Mining and Metallurgy (SAIMM) will explore practical operational challenges and emerging technologies, while the Society for Automation Instrumentation Mechatronics and Computer Engineering (SAIMC) will present specialist workshops on advances in automation and mechatronics. WiMSA’s Women in Mining workshop will provide a forum for discussion around leadership, opportunity and professional development, and the Lifting Equipment Engineering Association of South Africa (LEEASA) will host its two-day National Conference, bringing together industry professionals to share knowledge and discuss developments affecting the sector.

New for 2026, the SA Institution of Mechanical Engineering (SAIMechE) Skills and Career Hub will strengthen collaboration between industry and the education and training sector, encouraging conversations around future workforce requirements, skills development and innovation. Visitors will also be able to experience the Geological Society of South Africa (GSSA) Explorers Pitch, where finalist student teams present their mineral exploration projects to an expert industry judging panel before the winning team is announced.

Also taking place during Electra Mining Africa are the New Products and Innovation Awards, which recognise outstanding achievements by both local and international exhibitors. Adjudicated by the South African Capital Equipment Export Council (SACEEC), entries are evaluated against a comprehensive set of criteria, including innovation, engineering excellence, research and development, product quality, technical expertise and the practical value each solution delivers to industry. The winners are announced during the exhibition, recognising companies whose products and innovations are advancing technology, performance and industrial application.

“Industrial businesses are facing increasingly complex challenges that cannot be solved in isolation. Electra Mining Africa brings together the technologies, expertise and industry relationships that help organisations make informed decisions, identify practical solutions and build partnerships that support long-term growth. That’s what makes the exhibition such an important meeting place for industry, not only in South Africa but for businesses operating across the African continent,” says Charlene Hefer, Portfolio Director at Montgomery Group, organisers of Electra Mining Africa..

Industry professionals wishing to attend Electra Mining Africa can register (https://apo-opa.co/4xthQPH) as a Standard Visitor free of charge. There is also an option to upgrade to a Diamond Select Visitor.

Distributed by APO Group on behalf of Montgomery Group Africa.

 

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Transnet Freight Rail Chief Executive Officer (CEO) to Spotlight South Africa’s Rail Reform at African Mining Week (AMW) 2026

Published

12 hours ago

on

August 20, 2026

By

Etu Energias

As South Africa accelerates freight rail reforms and private sector participation to unlock mining investment, Transnet Freight Rail CEO Russell Baatjies will outline the company’s infrastructure modernization strategy and opportunities for investors at African Mining Week 2026

CAPE TOWN, South Africa, August 20, 2026/APO Group/ –Russell Baatjies, Group Chief Executive of Transnet Freight Rail, has been confirmed as a speaker at African Mining Week (AMW) 2026 – Africa’s premier gathering for the mining industry – taking place October 14-16 in Cape Town.

 

Baatjies will participate in the Regional Connectivity: Financing Africa’s Mineral Infrastructure panel, where he is expected to discuss Transnet’s strategy to modernize South Africa’s freight rail network, expand private sector participation and strengthen regional logistics corridors to support mining growth and cross-border trade.

His participation comes as South Africa accelerates sweeping logistics reforms aimed at removing infrastructure bottlenecks and unlocking greater investment across its mining sector. As the country seeks to mobilize R2 trillion to develop its critical minerals industry – including an estimated R40 trillion in untapped iron ore resources – expanding rail and port capacity has become central to increasing exports of coal, platinum group metals, manganese, chrome and iron ore while improving regional trade connectivity.

In May 2026, Transnet signed rail access agreements with 11 Train Operating Companies (TOCs) serving the coal, manganese, container, fuel and general freight sectors, marking a major step toward opening the national freight rail network to private operators. The agreements are expected to add 24 million tons of annual freight capacity, with the potential to increase to 52 million tons over the next five years, supporting South Africa’s goal of increasing annual rail volumes from approximately 180 million tons to 250 million tons by 2030.

Building on these reforms, Transnet launched the procurement process in June 2026 for The Leasing Company, a rolling stock leasing platform designed to improve access to locomotives and wagons for both established and emerging TOCs. The initiative is expected to increase asset utilization, strengthen freight capacity and attract greater private investment into Southern Africa’s rail sector.

The company is also reinforcing its financial position to accelerate infrastructure modernization through major financing agreements, including a €300 million loan from Agence Française de Développement, a €350 million loan from the European Investment Bank, a $278 million facility from the New Development Bank, a $1 billion loan from the African Development Bank and a R94.8 billion government guarantee package supporting its long-term recovery and investment program.

Alongside infrastructure investment, Transnet is strengthening collaboration with the mining industry to improve export capacity through strategic agreements with Exxaro Resources, United Manganese of Kalahari, Hotazel Manganese Mines and Tshipi é Ntle Manganese Mining, reinforcing efforts to support higher mining production through more efficient logistics.

At AMW 2026, Baatjies is expected to examine how rail modernization, private sector participation and regional logistics integration can unlock new mining investment while strengthening Africa’s mineral value chains and improving access to global markets.

 

 

Distributed by APO Group on behalf of Energy Capital & Power.

 

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