Venezuela Baker Hughes Talks Focus on Gas Projects
ENERGY · VENEZUELA
Key Facts
- —The country Venezuela, whose proved gas reserves stood at 195 trillion cubic feet in 2023, about 73% of South America’s total, according to the US Energy Information Administration (EIA).
- —What happened On Friday 2 October 2026, acting president Delcy Rodríguez met a Baker Hughes delegation led by chief executive Lorenzo Simonelli in Caracas to discuss natural gas projects.
- —Who is involved Executives of Lindsayca, an engineering firm of Venezuelan origin, and Canada’s New Stratus Energy also attended, with the hydrocarbons minister and the head of state oil company PDVSA.
- —What it means for you Nothing changes yet for gas or power users. No contract, investment figure or timetable was announced as of 3 October.
- —Still open Which gas fields are involved, what each company would do, and whether the talks lead to signed agreements.
Venezuela Baker Hughes talks took place in Caracas on Friday 2 October, the government said. Acting president Delcy Rodríguez received a delegation from the US energy services company, led by its chief executive, Lorenzo Simonelli.
The stated aim was to explore partnerships for new natural gas projects. No contract, investment figure or timetable was announced in the official statements reported by El Nacional, Banca y Negocios and Monitoreamos.
What the government said
Prensa Presidencial, the presidency’s press office, said the Venezuela Baker Hughes talks covered plans for onshore gas infrastructure. They also covered technology for operational efficiency and lower emissions.
PDVSA, the state oil company, said the meeting sought to consolidate operating partnerships and push new gas production projects. It named hydrocarbons minister Paula Henao and PDVSA president Héctor Obregón among those present.
Executives from Lindsayca, an engineering and construction firm for the hydrocarbons sector, also attended. So did managers from New Stratus Energy, a Canadian company.
PDVSA said both firms have experience in gas projects. The meeting follows earlier technical sessions between energy companies and the hydrocarbons ministry, Banca y Negocios reported.
Large reserves, falling output
On paper, Venezuela’s gas potential is large. The EIA, the US government’s energy statistics agency, put proved reserves at 195 trillion cubic feet in 2023.
Production has lagged far behind. According to the EIA, output peaked at 1.12 trillion cubic feet in 2001 and had halved to 563 billion cubic feet by 2021.
About 80% of the gas comes up alongside crude oil, the agency says. With few ways to sell it, much is flared, making Venezuela one of the world’s largest gas flarers.
The EIA blames a poor investment climate, missing infrastructure and a lack of export projects. That gives Friday’s focus on onshore infrastructure and emissions a practical logic.
Part of a wider opening
Since the United States captured Nicolás Maduro in January, the Rodríguez government has pushed reforms to attract foreign and private capital, El Nacional noted. Venezuela has since signed agreements with Chevron, Eni, Shell and Repsol.
Other foreign firms are testing the ground too. On 21 September Halliburton signed a memorandum with a Brazilian gas company, covered in Halliburton Signs Venezuela Gas Memorandum With Brazil’s Eneva.
Colombia’s state-controlled Ecopetrol sent its president to an oil and gas congress in Caracas at the end of September. That visit is described in Ecopetrol Eyes Venezuela as Its Chief Is in Caracas.
Baker Hughes already works in the country on a small scale. El Nacional, citing Rystad Energy, reported that the company counted two active drilling rigs in Venezuela in August; that figure is not independently confirmed.
What Is Not Yet Known
Neither the government nor PDVSA named specific gas fields, investment amounts or a signing date. None of the reports carried a statement from Baker Hughes itself.
The roles of Lindsayca and New Stratus Energy were not spelled out either. Whether the talks turn into contracts, and when, remains open.
Sources: El Nacional, “Venezuela evalúa alianzas con Baker Hughes para desarrollo de proyectos de gas natural”, 3 October 2026 (citing PDVSA and Prensa Presidencial); Monitoreamos, Baker Hughes delegation visits Caracas, 3 October 2026; Banca y Negocios, 2 October 2026; US Energy Information Administration, Venezuela country analysis, 8 February 2024; earlier Rio Times reports, Halliburton Signs Venezuela Gas Memorandum With Brazil’s Eneva, 21 September 2026, and Ecopetrol Eyes Venezuela as Its Chief Is in Caracas, 2 October 2026.
In depth
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