AGP Executive Report

Telecom & Sanctions Relief: The U.S. authorized new investments tied to Venezuela’s telecom sector, while CONATEL reported OFAC General Licenses enabling equipment, software and services for connectivity upgrades—plus CONATEL approved 42 new grants and renewals to expand high-speed Internet and data services. Network Recovery in Táchira: CANTV restored phone and Internet for 10,860 users after maintenance work across multiple municipalities, showing targeted fixes are reaching households. Currency Debate in Parliament: Venezuela’s National Assembly removed Antonio Ecarri from the Venezuela–U.S. Parliamentary Friendship Group after he backed a formal dollarization push linked to economist Steve Hanke, reiterating the bolívar and BCV’s monetary-policy role. Oil Sector Push: Venezuela’s hydrocarbons minister said the country needs fresh exploration to expand reserves and invited foreign oil and gas firms to rebuild and search for new opportunities. Housing Rules for Developers: The National Assembly approved a new law to promote and protect housing construction, replacing the 2012 real-estate fraud framework and setting updated rules for contracts and oversight. Energy Micro-Solutions: Cuba’s Villa Clara reported 46 solar “solineras” to help communities hit long outages, offering free phone/fan/lamp charging. Diplomacy & Trade: Venezuela’s foreign minister met the Netherlands’ ambassador to deepen cooperation, and also reaffirmed integration plans with Bolivia.

Oil & Energy: Venezuela’s hydrocarbons minister told an industry audience in Houston that the country wants new exploration to expand proved reserves beyond the current estimate of about 303 billion barrels, citing decades of seismic data that still need reprocessing and “916 opportunities” for exploration. Ports & Exports: Reuters reports Venezuela’s oil export ceiling is being reinforced by port bottlenecks, with tankers reportedly waiting up to 30 days to load due to outdated infrastructure, power outages, and crude quality issues. Local Recovery & Services: In Falcón’s Boca de Aroa, authorities under Plan Venezuela Renace and Governor Víctor Clark inspected seismic recovery progress, including home repairs and restoration of public services. Telecom Resilience: CANTV restored phone and internet service to 1,870+ Trujillo subscribers via its VenApp reporting system and breakdown-resolution crews. Policy & Business Climate: INSAI will streamline agricultural health label reviews with electronic processing, email notifications, and a single registry to reduce repeated document uploads, with links planned to SENIAT and registries. Currency Politics: Venezuela’s National Assembly removed Antonio Ecarri from a US friendship group after he backed a push toward formal dollarization, arguing it violates the constitution’s bolívar-only mandate. Media & Influence: A report says Venezuelan media covering businessman Alejandro Betancourt faced coordinated X attacks and fake outlets, suggesting an active influence operation to boost his image and discredit coverage.

Venezuela’s Oil & Energy Push: Venezuela’s oil export revival is hitting logistics friction as tankers face month-long loading delays and port bottlenecks, even as international demand and refinery interest rise. Regulatory & Business Climate: INTT is tightening rules for delivery companies, requiring new permits, technical updates, insurance, and periodic evaluations—while INSAI is moving agricultural label reviews online to cut transfers and speed approvals. Telecom & Public Services: CANTV restored phone and internet service to 1,800+ Trujillo subscribers via the VenApp 1x10 system, and Maracay’s Central Hospital received high-tech blood refrigeration equipment through Plan Venezuela Renace and UNICEF. Disaster Recovery in Focus: Falcón and Plan Venezuela Renace are assessing Boca de Aroa restoration progress after seismic damage, and Venezuela’s National Assembly advanced an agreement to protect big cats via an international conservation alliance. Policy & Credibility: The National Assembly denied it hired U.S. economist Steve Hanke, launching an investigation into the “fake news” claim. Diplomacy & Cooperation: Venezuela is updating its bilateral agenda with the Netherlands, Poland, and Serbia, and is meeting multilateral partners (CAF, UNAIDS, PAHO, UNICEF) to expand cooperation.

Venezuela Oil Exports Hit Port Bottleneck: Tankers are reportedly waiting up to 30 days to load at Venezuelan terminals as aging infrastructure, power outages, equipment failures and crude-quality issues cap shipments, even as output and demand recover. U.S.-Linked Energy Deals: Houston talks produced new agreements with SLB and Hunt Oil to study reservoirs and restore/optimize production across two fields—early commercial partnerships under interim President Delcy Rodríguez. Military-Backed Economy: A Miranda Center for Democracy report says Maduro’s regime maintained armed-forces loyalty by embedding the military in business through dozens of defense-linked entities spanning banking, insurance, oil, mining, agriculture and more. EU Backs Venezuela Dialogue: The EU said it supports Venezuelans-led political dialogue between the 2015 National Assembly and the 2026 Assembly, aiming at reconciliation and free-and-fair elections, while welcoming recent prisoner-release moves. Health Milestone: Acting President Delcy Rodríguez marked 20 years of the Gilberto Rodríguez Ochoa Latin American Children’s Cardiological Hospital, citing 15,400 successful procedures and approved equipment modernization. Marine Research for Fisheries: Researchers in Sucre and Anzoátegui are assessing fish abundance in mangroves inside Mochima National Park to guide protection of nursery and breeding areas tied to the fishing economy.

Venezuela Earthquake Recovery & Housing: Acting President Delcy Rodríguez said the Dr. Gilberto Rodríguez Ochoa Children’s Cardiology Hospital has “no waiting list,” with responses in weeks, as the state marks the facility’s 20th anniversary and pushes public-health recovery. Housing Registry Rollout: MINHVI’s Single Housing Registry will keep running until all quake-affected families are covered, using identity terminals and set weekday schedules (La Guaira is the most registered region). Construction Jobs & Training: The government launched a National Training Program for construction workers with 17 job profiles and short workshops, calling on communes to register people via Patria, Community Councils, and official portals. Telecom Restoration: CANTV restored phone and internet to 1,870+ Trujillo subscribers via the VENAPP 1x10 Good Governance system. Transport & Tourism: Aeropostal reactivated the Maracaibo–Margarita Island route to boost travel and local commerce. Humanitarian Support: South Korea approved a $2.5M UNICEF contribution to keep children in quake zones in essential services, protection, and learning. Energy & Investment: Venezuela signed first U.S.-soil oil agreements with Hunt Oil (production contracts) and SLB (technical studies), signaling renewed foreign participation after legal reforms. Regional Diplomacy: Venezuela marked 20 years of ties with São Tomé and Príncipe, highlighting education, agriculture, gender, and technical cooperation.

Venezuela Macro Watch: The BCV says GDP grew 7.14% in Q2 2026, marking 21 straight quarters of expansion, with oil up 9.10% and non-oil up 5.79%—though many households still feel inflation and currency pressure. Telecom & Recovery: CANTV restored fixed phone and internet service in Yaracuy, bringing connectivity back to 4,400+ homes, businesses and institutions via the VenApp reporting channel. Oil Sector Opening: Venezuela signed new U.S. deals as Hunt Oil inked a production participation contract for eastern fields and SLB agreed on integrated reservoir studies; officials also cite rising U.S. refinery intake of Venezuelan crude. Energy Infrastructure Push: SLB and Formentera Partners say they’re working to reactivate or import drilling rigs, aiming to ease equipment and logistics bottlenecks that have capped output. Currency Debate: Venezuela’s National Assembly named “money doctor” Steve Hanke as adviser, with talk of dollarization as a response to hyperinflation. Public Health Gap: A WHO/UNICEF-linked report warns immunization coverage in Venezuela fell below 60% for multiple vaccines in 2025, with key shots missing since 2016. Local Business Spotlight: The Arepa Stand opened a brick-and-mortar location on Venice Boulevard, expanding from pop-ups and farmers markets into a permanent Venezuelan food spot. Geopolitics & Trade: India is increasing crude imports from Venezuela as Middle East disruptions and Strait of Hormuz risks drive supply diversification.

Earthquake Recovery & Local Finance: Acting President Delcy Rodríguez pushed La Guaira’s post–June 24 restart, reopening strategic businesses and delivering 478 loans to entrepreneurs and merchants, while also backing wider reconstruction and housing efforts under the Venezuela Renace Plan. Construction Workforce Push: Venezuela announced a National Training Program for construction trades (plumbers, masons, electricians, carpenters, etc.), with registration via the Homeland system starting Aug. 24, aiming to feed the rebuilding pipeline. Oil & Gas Deals: Venezuela signed new contracts with U.S. firms—Hunt Oil and SLB—under PDVSA to develop fields including Caro and Carisito, as Texas-based companies move in to revive production. Gold & Asset Recovery Politics: Officials reiterated that Venezuelan assets abroad are meant to be monetized for reconstruction and earthquake victim care, with auditing and phased implementation. Global Finance Shock (Not Venezuela-specific): The U.S. escalated its clash with the International Criminal Court by sanctioning ICC President Tomoko Akane and senior lawyer Abdoulaye Seye, freezing U.S.-linked assets and drawing sharp pushback from the court and allies.

Oil & Gas Deals: ONGC gets a US OFAC green light to expand Venezuela operations, potentially boosting its role in PDVSA-linked projects like San Cristóbal and Carabobo-1, while still leaving some dividend issues unresolved. Energy Investment Signals: BP and ADNOC are moving to develop a major Venezuela offshore gas field, adding to the sense that Big Oil is willing to bet on a post-sanctions reopening. Power & Infrastructure: Venezuela reactivates Tocoma hydroelectric capacity with US support to add 160 MW fast, aiming to strengthen the grid amid ongoing supply stress. Gold & Negotiations: Venezuela’s gold—reported at dozens of tonnes—remains a bargaining chip in talks between Caracas and the opposition, with England-linked custody still in focus. Finance & Markets: India’s bond-market worries and crude-price sensitivity are weighing on broader sentiment, a reminder that Venezuela’s oil story is still tied to global risk appetite. Legal/Policy Backdrop: The ICC escalates its fight with US sanctions on its leadership, a reminder that international legal pressure is shaping the wider sanctions environment.

US-Venezuela Oil Flows: A senior US Energy Department official says Venezuela is sending more than 500,000 bpd—about half of its ~1.25 million bpd output—to US refineries built for its heavy, sour crude, with Washington also supplying naphtha to help blend and scale production. Energy Investment & Diplomacy: Venezuela’s Hydrocarbons Minister Paula Henao and the Venezuelan chargé d’affaires in the US met US counterparts in Houston to pitch post-quake sector reconstruction and a new regulatory framework. Power Sector Push: Venezuela reactivates the Tocoma hydroelectric plant to add 160 MW within 90 days, with US technical and diplomatic support, alongside plans to modernize Macagua. Local Business Support: BCV subsidies back entrepreneurs in La Guaira’s Guaicamacuto camp, while cocoa communes in Sucre kick off proposals to link thousands of producers to formal plans. Macroeconomic Update: BCV reports GDP grew 7.14% in Q2 2026, led by hydrocarbons. Trade Snapshot: Lara exported 19 tons of green coffee to the US, with more containers planned. Legal/Compliance Watch: US sanctions hit ICC President Tomoko Akane and senior prosecutor Abdoulaye Seye, while OFAC continues issuing Venezuela-related general licenses that firms must review closely.

Venezuela Energy & Investment: ONGC said its Venezuela unit OVL received a U.S. OFAC go-ahead in July 2026 to resume oil and gas operations, while “framework” talks for next steps are still ongoing. Gas Market Moves: XRG, the ADNOC investment arm, entered Venezuela as it builds a global gas platform, adding to its LNG portfolio. Gold & Finance Oversight: Venezuela’s opposition-linked talks with interim President Delcy Rodríguez include routing Bank of England gold through U.S. Treasury accounts, with international audits tied to earthquake reconstruction spending. Local Economy & Trade Links: MSC is revising its Far East–Mexico container network, extending the Sierra service via the Panama Canal to La Guaira and Puerto Cabello in Venezuela. Crypto Payments: A stablecoin retail index reports Venezuela as one of the most resilient markets, with strong usage growth tied to practical payment needs. Culture & Business-Adjacent Life: Caracas’ National Theatre Company will stage “Granada, Betrayal and Crime,” an immersive Lorca-inspired production with tickets priced in dollars/bolivars by BCV rate.

Caracas Waste Pickup Boost: The Caracas Mayor’s Office says it’s running daily solid-waste collection with 170+ compactor units and GPS-tracked routes, averaging about 2,000 tons per day, with schedule tweaks to ease morning and evening drop-offs. Earthquake Housing Deliveries: Acting President Delcy Rodríguez delivered 48 new apartments in Ciudad Tiuna for 177 people displaced by the June 24 double earthquake, as inspections and mixed solutions (repairs, new builds, rentals) continue under the Venezuela Renace plan. Construction Jobs Training: Rodríguez also announced a training and labor-inclusion program for construction trades starting Aug. 24, with registration via the Patria System and communes, aiming to speed up reconstruction employment. Food Distribution Expansion: MERCAL and PDVAL plan weekly distribution of 26,273 tons of food through 416 establishments, with new community-facing store formats featuring modernization and digitalization. Multilateral Coordination: Venezuela’s foreign ministry deputy met the ICRC/IFRC and NGO forum to align humanitarian work with national recovery priorities after the June earthquakes. Offshore Gas Deal Watch: BP and Abu Dhabi’s XRG signed Venezuela offshore exploration agreements, including equal-interest Loran Phase 2 (BP as operator) targeting about 4 Tcf of recoverable gas. Gold Reserve Legal Win: Gold Reserve says it overcame a motion to dismiss in its Chancery Court dispute with Rusoro, allowing its core breach-of-contract claim to proceed.

Sanctions Relief for Venezuela Oil: ONGC says a new OFAC licence lets it resume full operations in Venezuela, with room to expand output, negotiate new deals, and potentially take operatorship from PDVSA. Political Prisoner Releases: Venezuela released 131 political detainees after U.S.-backed government-opposition talks, a major step for families and monitors as dialogue continues. CITGO Fallout Fight: Opposition leader Dinorah Figuera accused Chávez and Maduro-era decisions of driving CITGO’s crisis, reigniting disputes over who is responsible for the asset’s legal and financial troubles. Venezuela Growth Watch: The government reports 21 straight quarters of economic growth, while UNDP projects about 6.5% GDP expansion in 2026 despite June earthquake damage. Energy Deals & U.S. Interest: BP’s offshore gas push and rising U.S.-bound Venezuelan crude shipments are drawing renewed industry attention ahead of a Houston summit on Venezuela’s “reopening.” Gold Return Demand: Venezuela renewed calls to recover about $4bn in gold from the Bank of England, tying the issue to reconstruction needs after earthquakes. Humanitarian Fundraising: Cisneros announced Teleton Venevision 2026 “United for Venezuela” for earthquake recovery, partnering with United Way Venezuela and DVC.

Food Supply & Prices: Venezuela’s acting president Delcy Rodríguez says Mercal’s 200th rehabilitated outlet is now open in Caracas and seven more Mercal markets nationwide are launching, aiming to cut intermediation and offer discounts “up to 70%” versus private networks. Economic Momentum: Rodríguez also points to 21 consecutive quarters of growth, with food consumption up 9.6% in the first seven months and gains across proteins, cereals, fats and domestic production. Energy & Gas Deals: Trinidad and Tobago is moving to deepen energy ties with Venezuela after new natural gas exploration licences, using regional infrastructure to process offshore resources from the Loran-Manatee cross-border field. Oil & Production Outlook: BP is highlighted as returning to Venezuela and pushing offshore natural gas development tied to the Loran project, while PDVSA is promoting new business models to strengthen domestic output. Policy & Governance: Venezuela and the opposition are reported to have wrapped talks on judicial reform and frozen funds, alongside measures to simplify tax procedures and modernize processes.

Oil & Gas—ONGC Returns to Venezuela: India’s ONGC secured a U.S. OFAC license to resume full Venezuela operations after years of sanctions-related limits, with officials saying it can manage project finances, recover a pending dividend of over $500M, expand work, and potentially take operatorship roles in ventures with PDVSA. Energy Diplomacy—T&T and Venezuela Deepen Gas Ties: Trinidad and Tobago approved new natural gas exploration licences tied to Venezuela’s Loran-Manatee cross-border field, with bpTT and XRG among the firms pushing downstream gas processing. Oil Outlook—Exxon Sees More Guyana Upside: Exxon CEO Darren Woods said four additional Stabroek Block discovery opportunities could exceed expectations, despite the Guyana-Venezuela border dispute affecting parts of the acreage. Politics & Governance—Gold Recovery and Prison Alternatives: Acting President Delcy Rodríguez said Venezuela’s government and a 2015 Assembly opposition sector agreed on joint work to recover Venezuelan gold held in England for reconstruction, while courts granted alternative detention measures to 131 people amid dialogue. Local Participation—National Popular Consultation Set: Venezuela will hold an Oct. 11 National Popular Consultation, with condominium boards joining community groups to pick priority projects for funding. Markets & Sanctions—SEC Tightens Iran/North Korea Links: The SEC ordered capital market operators to cut banking and business ties tied to Iran and DPRK, reflecting updated FATF risk controls.

Energy & Investment: bp has signed agreements with Venezuela to advance offshore gas development, including a Phase 2 exploration and production licence for the Loran field in the Plataforma Deltana area (about 4 Tcf recoverable gas), with bp operating alongside AD­NOC’s XRG and UCC Oil and Gas Holding. Regional Energy Impact: Trinidad and Tobago’s PM says the Loran-Manatee progress could feed LNG and petrochemical plants, potentially sending around 7 Tcf of gas to T&T for processing. Tax Modernization: President (E) Delcy Rodríguez ordered SENIAT and related agencies to simplify tax procedures, including eliminating the need to submit the tax “bill” and moving toward linking registries and notaries into tax records. Housing Recovery (Caracas): Rodríguez provided credits to 157 Caracas condominiums for repairs after the June 24 earthquakes, plus supervised delivery of 77 homes. Sanctions & Compliance: Nigeria’s SEC and similar directives in other markets ordered capital market firms to restrict or cut dealings tied to Iran and North Korea. Diplomacy & Assets: Venezuela and Spain discussed new cooperation lines in Caracas, while Venezuela’s government and opposition push to recover $4bn in gold reserves held by the Bank of England.

Energy Deals: Venezuela’s acting president Delcy Rodríguez toured the Metalblanc plant and backed local entrepreneurs as the country pushes new hydrocarbon momentum. Cross-Border Gas: Trinidad and Tobago’s PM Kamla Persad-Bissessar hailed Venezuela’s Loran Phase 2 and Plataforma Deltana licences, saying the deals could move about 7 trillion cubic feet of gas for LNG and petrochemicals. Oil & Gas Investment: BP secured a Venezuela drilling licence for the Loran gas field after quitting the North Sea, signaling fresh capital flow into offshore development. Gold Repatriation: Venezuela’s government and opposition say they’re working to recover $4bn in gold reserves held by the Bank of England, with a transparency mechanism discussed amid legal hurdles. Politics & Institutions: Negotiators tied to the 2015 National Assembly and Delcy Rodríguez’s interim government announced early agreements, including judicial reforms and work on the gold issue. Diplomacy: Venezuela expressed condolences to Indonesia after a 7.7 quake killed dozens, underscoring regional engagement beyond economics. Disaster Response: A Reuters comparison found Venezuela’s June earthquakes exposed slower official rescue capacity, while Colombia’s response mobilized faster once officials arrived.