Colombian oil firms, stifled under President Gustavo Petro’s green push, now eye Venezuela as a new frontier. With US sanctions easing, Venezuelan reserves—once buried by mismanagement—offer a lucrative rebound. Industry leaders plan a coordinated October visit, hoping to leverage Colombia’s idle rigs and engineering talent for seamless production growth in the region by mid-2025.

Independence Drilling, Colombia’s largest contractor, readied to jump into Caracas after a call from a Venezuelan contact. Chief commercial officer José Miguel Saab noted that restoring diesel supply and repairing pipelines remain critical hurdles. Still, he argues that oil services will ignite Venezuela’s recovery faster than any other sector for oil exporters and global buyers by year.

Campetrol, the oil‑field services chamber, organized a 120‑member delegation for April’s energy summit, drawing delegates from the US, Brazil, Mexico, Spain and Italy. María Clara Martínez of Pivot bank highlighted Venezuela as a strategic focus, noting that Colombian engineers, many of whom fled political purges, hold the expertise to restart drilling by late 2025 and beyond 2026.

Despite skepticism, figures like Jaime Gilinski see potential, having boosted GeoPark’s stake to over 25% after a $107 million investment. Critics warn Venezuela may only lift output by 300,000 barrels daily without political change. Still, Colombian firms view the move as a long‑term partnership, not a short‑lived venture in the midterm energy sector by 2026 and beyond.