Venezuelan Petroleum Chamber: The country’s active oil wells are less than 30% | economy

The Venezuelan Petroleum Chamber reported that less than 30% of the country’s oil wells are currently active, an indication of the continued deterioration of the energy sector despite Venezuela’s possession of the largest oil reserves in the world.

The chamber said during an energy forum held yesterday, Monday, in Caracas that current production amounts to about one million barrels per day, a level far from the peak production, which exceeded 3 million barrels per day two decades ago.

According to the data, the number of active wells does not exceed 8,491 out of 30,722, which reflects the significant decline in the production structure of the oil sector.

Observers attribute this sharp decline to years of corruption, lack of investment, and mismanagement, in addition to the impact of US sanctions that exacerbated the crisis and led to a widespread collapse in production.

American presence

The forum witnessed the presence of American officials, including US Chargé d’Affaires John Barrett, at a time when Washington is seeking to revitalize the Venezuelan oil sector since the kidnapping of leftist President Nicolas Maduro in January.

Barrett noted that the private sector, particularly American companies, will be “the engine of Venezuela’s transformation into a global energy hub.”

For his part, Enrique Novoa, head of the Venezuelan Petroleum Chamber, called on the United States to lift the sanctions completely, considering that this is “what the Venezuelan people deserve as a society.”

He added that multinational energy companies, such as Chevron and Spain’s Repsol, continue to advance their projects inside Venezuela despite the challenges.

In the same context, acting Venezuelan President Delcy Rodriguez approved reforms to the hydrocarbons and mining laws, which opened the door to new investments from the private sector, both local and foreign, in an attempt to revive the faltering oil sector.