Overview
- Venezuela’s claim of more than 300 billion barrels is disputed, with Ryder Scott’s president saying officials overstated figures from the firm’s Orinoco Belt assessments.
- Rystad estimates about 60 billion barrels are economically recoverable if sanctions lift and investment improves, versus 27 billion under full sanctions.
- Chevron says it could raise output at its PDVSA joint ventures by roughly 50% within 18–24 months from about 140,000 barrels per day, subject to favorable conditions.
- Service firms SLB and Halliburton say they can scale operations quickly but stress the need for enforceable contracts and assured payments.
- Output remains below 1 million barrels per day after years of decline, and analysts project investment needs that could reach about $100 billion to rebuild capacity.