Less than 30% of Venezuela oil wells active

Fewer than 30 percent of Venezuela’s oil wells are currently producing, according to an industry trade group, highlighting the scale of challenges facing the country’s energy sector despite renewed efforts to boost output.

The Venezuelan Petroleum Chamber said only 8,491 crude oil wells are active out of a total of 30,722 wells nationwide. Current oil production is hovering around 1 million barrels per day, far below the roughly 3 million barrels per day Venezuela produced two decades ago.

Although Venezuela holds some of the world’s largest crude reserves, years of corruption, underinvestment and mismanagement, combined with US sanctions, have sharply reduced production capacity.

The figures were presented during an energy forum attended by US officials, including Charge d’Affaires John Barrett, as Washington supports efforts to revive Venezuela’s oil industry after political changes earlier this year.

Barrett said private investment, especially from US companies, could play a major role in rebuilding Venezuela’s position as an energy producer. Industry representatives also called for the full removal of sanctions to accelerate recovery.

Trade group president Enrique Novoa said multinational companies including Chevron and Repsol are moving ahead with projects in the country, while state oil company PDVSA reported that more than 3,464 wells have already been reactivated.

Venezuela’s oil sector is aiming to raise average production to 1.3 million barrels per day in 2026, though analysts say major investment and infrastructure repairs will be needed to meet that target.