Current production is far below the 3 million barrels a day that Caracas was cashing in on two decades ago, with only 8,491 crude oil wells active out of 30,722 wells overall, according to the Venezuelan Petroleum Chamber (CPV).

Despite Venezuela holding the world’s largest crude oil reserves, years of corruption, underinvestment and mismanagement in the country have been compounded by US sanctions, leading to the epic collapse in production.

Monday’s event was attended by US government officials, including US charge d’affaires John Barrett, as Washington pushes to restore oil production since ousting leftist president Nicolas Maduro in January.

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

CPV president Enrique Novoa called on Washington to fully remove sanctions because they are “what the Venezuelan people deserve as a society.”

Novoa added that multinational energy firms like Chevron and Spain’s Repsol are moving forward with projects in Venezuela.

Venezuela’s interim president Delcy Rodriguez, who governs under heavy pressure from Washington, has already pushed through reforms to hydrocarbons and mining laws, opening the door to private investors, both foreign and domestic.

Jovanny Martinez, executive vice president of Venezuela’s state oil company PDVSA, said more than 3,464 wells have been reactivated.

The industry is aiming to average 1.3 million barrels per day in 2026.