- The Return -
Venezuela News — Open for Business
Venezuela moved from reopening to deal-making this week. The World Bank booked its first in-person mission to Caracas in seven years. ExxonMobil said the word “return” out loud. United Airlines filed its flight schedule. And Coinbase’s co-founder sat down with Venezuela’s state bank. The opening chapter is getting interesting.
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POLITICS
The World Bank is returning to Caracas after a seven-year gap
The World Bank is sending a delegation to Caracas for its first in-person mission since relations were severed in 2019. The visit follows the World Bank’s formal resumption of dealings on April 16 — ending a seven-year gap — and will be led by VP for Latin America, Susana Cordeiro Guerra. For U.S. counterparties, re-engagement restores access to internationally audited project financing and IMF country data for the first time since 2019. El Nacional
ENERGY SECTOR
It will cost $140B to increase output to 2 million barrels per day. Venezuela is targeting 1.3–1.4 million barrels per day near-term and 2 million by 2032, backed by the world’s largest proven reserves and with operating costs of $7–$16 per barrel. Analysis presented at OTC 2026 by the Baker Institute documented a clear recovery path anchored in 303 billion barrels of proven reserves in the Orinoco Belt. The medium-term target of 2 million barrels/day by 2032 requires $140 billion in capital expenditure and sustained regulatory reform. Petroleum AG
The largest U.S. oil major reverses course on Venezuela. ExxonMobil reversed its prior skepticism about Venezuela on May 12, now characterizing the country as a “valuable resource opportunity” following a new hydrocarbon law with lower royalties and greater foreign operational control. Chevron, BP, Shell, and Repsol have already secured agreements in-country; an ExxonMobil return would add the largest U.S. energy company to that group. Governance and contract security remain the primary investor concerns, per S&P Global Market Intelligence. Simply Wall St
ECONOMY
A $150–$170B sovereign-debt restructuring opens — bonds rally. Venezuela formally launched a “comprehensive and orderly” restructuring of $150–$170 billion in sovereign and PDVSA debt on May 13 — and the country’s benchmark 10-year sovereign bond, already nearly doubled since January, rallied further on the news. The government has retained a financial advisor and will present a macroeconomic framework and public debt sustainability analysis to international creditors in June. PDVSA bonds also surged during Wednesday’s session. CNBC
CRYPTO
Coinbase co-founder makes repeated Caracas trips, meeting with senior officials Fred Ehrsam — Coinbase co-founder, now Managing Partner at Paradigm — has made repeated trips to Caracas to explore oil, gas, fintech, and physical asset opportunities. Worth $2.6 billion per the Bloomberg Billionaires Index, he met with acting president Delcy Rodríguez, Interior Secretary Doug Burgum, and Venezuelan business executives during a March gathering. At a private meeting with business leaders he said the country's assets remain "deeply undervalued" and that "now is the moment to invest." Talks have been exploratory with no deals signed. Bloomberg
DEAL FLOW
Flights from Houston to Caracas will resume in August. United Airlines will resume daily nonstop Houston–Caracas service on August 11, 2026 — the second U.S. carrier to restore Venezuela flights after a nine-year hiatus. Flight UA1046 departs George Bush Houston Intercontinental (IAH) nightly at 11:45 PM, arriving Simón Bolívar International (CCS) at 5:30 AM; the return departs at 8:00 AM. Equipment is a Boeing 737 MAX 8 (16 Business, 150 Economy), adding a direct energy-sector gateway that complements American Airlines’ existing Miami–Caracas route. United Airlines