Energy & Environmental Implications Of Recent Events In Venezuela

During Baker Botts' 39th Annual Environmental, Safety & Incident Response Seminar on January 28, 2026, Partner George Fibbe led the lunch session with Francisco Monaldi, Fellow in Latin American Energy Policy at the Baker Institute, on the "Energy & Environmental Implications of Recent Events in Venezuela."

Key Takeaways

1. Energy upside is significant, but near-term progress depends on who is already in country. Venezuela holds enormous hydrocarbon potential, with vast reserves and many mature fields supported by existing infrastructure. In the short term, however, growth is most likely to come from companies that already have an operating foothold. Incremental production increases are plausible over the next couple of years, while larger scale expansion depends on broader political and economic stability.