Venezuela Natural Gas: Reserves, Production, Export Plans
Venezuela has 5,418 billion cubic meters (about 191 trillion cubic feet) of proven natural gas reserves, according to OPEC’s 2026 Annual Statistical Bulletin (end-2025). That is 2.5% of the world’s gas and the largest reserve of any Latin American country OPEC breaks out. Yet it produced only 21,991 million cubic meters in 2025 and has never exported gas. At current rates its reserves would last more than 200 years, according to the Congressional Research Service (CRS).
Which countries have the most natural gas?
Proven reserves at end-2025, per OPEC (billion cubic meters):
| Rank | Country | Reserves |
|---|---|---|
| 1 | Russia | 41,997 |
| 2 | Iran | 33,988 |
| 3 | Qatar | 23,831 |
| 4 | Turkmenistan | 13,900 |
| 5 | United States | 13,894 |
| 6 | Saudi Arabia | 9,786 |
| 7 | United Arab Emirates | 8,410 |
| 8 | Nigeria | 6,111 |
| 9 | Canada | 5,558 |
| 10 | Venezuela | 5,418 |
| — | World | 220,307 |
Venezuela slipped to 10th in 2025 when Canada revised its reserves from 2,462 to 5,558. The CRS, using a different data set, ranks it seventh at about 5,500 billion cubic meters.
How much gas does Venezuela produce?
Marketed production per OPEC (million cubic meters a year):
| 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 23,720 | 24,421 | 22,631 | 22,586 | 21,991 |
For scale, the United States produced 1,116,097 million cubic meters in 2025 — roughly 50 times more.
Most Venezuelan gas comes out with the oil. About 80% is associated gas, a by-product of oil drilling, and much of it is flared because there is no infrastructure to capture it, per the CRS. If Venezuela produced gas at the same rate relative to its reserves as the U.S., the CRS estimates, it would pump about 367 billion cubic meters a year.
Where is the gas, and who produces it?
- Perla field (Gulf of Venezuela, in the northwest). Eni and Repsol run it with PDVSA in the Cardón IV block. Output figures differ: World Oil cites about 585 million cubic feet a day, while the CRS puts it at about 3.1 billion cubic meters a year.
- Dragon field, about nine miles from Trinidad and Tobago’s Hibiscus platform. It holds about 4.2 trillion cubic feet, and Venezuela licensed it to Shell and Trinidad’s NGC in December 2023 — but it is not producing yet. Shell says it would take about three years to get Dragon gas flowing to Trinidad’s LNG plant; analysts estimate about 1.5 billion cubic meters a year once it is running.
- Associated gas from oil wells.
What changed in 2026
- A new law. Venezuela published an overhaul of its Organic Hydrocarbons Law on January 29, 2026. Per the CRS, it opens new forms of private participation, lowers and caps taxes and royalties, and allows international arbitration.
- Perla gets an export path. In March 2026, Eni and Repsol agreed with Caracas to more than double output at the field and start exporting LNG by the end of 2031 from a floating terminal, per World Oil. Exports begin once domestic supply reaches 645 million cubic feet a day, and the lease is extended from 2036 to 2051.
- Dragon awaits a license. Per the CRS, Shell got OFAC approval in February to resume operations and expects a new Dragon license in the third quarter of 2026.
What is not known
- When Dragon will produce. It depends on U.S. licensing and on relations between Venezuela and Trinidad and Tobago.
- How much gas is flared. None of the sources reviewed publishes a current flaring figure.
For oil, see how much oil Venezuela produces and its oil reserves. For the cylinders Venezuelans cook with, see what LPG is.