The dynamics of the Venezuelan oil patch are changing rapidly. In the past few weeks alone, BP and XRG have entered the region, Repsol disclosed plans to begin exploration drilling next year, oil-field services firm SLB reactivated a fleet of rigs in anticipation of a drilling boom, and fresh reports indicate that the US may seek a stake in Venezuela’s vast oil reserves. This week, Venezuelan interim President Delcy Rodriguez said crude production had reached 1.2 million barrels per day, matching 2019 levels. Much of that growth is from international operators. However, the nation’s hydrocarbon sector remains fragile following the ouster of then-President Nicolas Maduro in January. Achieving long-term growth will require a sustained political transition, predictable fiscal terms, private capital, reliable electricity and diluent supplies, restored infrastructure, and stronger institutions. Below, Energy Intelligence examines the latest moves by international oil companies (IOCs) in the region.