Although Venezuela owns the world's largest oil reserves with an estimated 300 billion barrels, poor management and lack of investment for many years have caused a serious drop in production.
While US President Donald Trump pledged to rebuild the oil industry, energy experts believe that a "secret weapon" could bring more immediate success to this South American nation: giant natural gas fields.
These gas fields are located deep under the seabed in the eastern coast, bordering Trinidad and Tobago. For decades, the Venezuelan government has left them almost "sleeping" due to focusing only on oil.
Currently, the White House is accelerating the roadmap to open up the energy industry by licensing large corporations to carry out unprecedented investments in the country's infrastructure.
The highlight in the new strategy is the giant Dragon gas field, a project with the potential to be put into operation earliest. Instead of building new infrastructure from scratch, Shell Corporation - the UK's multinational energy "giant" - plans to design a short pipeline connecting the Dragon field to their existing system on Trinidad Island.
If successful, this project is estimated to generate revenue of about 500 million USD per year, of which at least 45% will flow directly into the Venezuelan budget in the form of taxes and copyright fees.
Besides Shell, BP is also promoting the Cocuina gas project thanks to the easing of sanctions from the US Treasury Department. Taking advantage of the available export infrastructure of neighboring Trinidad and Tobago is currently seen as the key to accelerating progress.
The shift in focus from oil to gas not only promises to bring rapid revenue for economic recovery but also has the potential to turn this region into a new energy center.
The entry of the world's leading oil and gas corporations shows that the prospect of "gas overwhelming oil" in Venezuela is gradually becoming a reality. With technical and financial support from international partners, Venezuela is facing the opportunity to redefine its position on the global energy map, going beyond the shadow of traditional crude oil wells that are too familiar. These fluctuations are expected to create a strong boost for the regional economy in the medium term.
