Antigua and Barbuda could potentially benefit from renewed oil production in Venezuela, despite not having imported petroleum products from the South American country for more than eight years.

That possibility was raised by West Indies Oil Company Chief Executive Officer Gregory Georges, as he discussed the potential implications of growing U.S. involvement in Venezuela’s oil industry and what it could mean for regional energy security.

Georges says WIOC has not imported fuel from Venezuela since 2018, with the company’s current petroleum supplies being sourced through a U.S.-based supplier and lifted from the U.S. Gulf.

But he believes that could change if Venezuela’s oil production expands and sanctions and other restrictions on the country’s petroleum industry are eased.

“The outlook looks in terms of generating petroleum products in the region, it looks good and we’re nearby, we like to think that we can find a way that we can be the beneficiaries of some of this.”

The comments come as the United States moves to deepen its involvement in Venezuela’s oil industry.

On August 31, the U.S. government announced an agreement giving a U.S.-led private company long-term concessions covering 17 Venezuelan oil fields, with the White House saying the fields contain approximately 65 billion barrels of proven reserves. The agreement is intended to attract major investment and increase Venezuelan oil production.

And on September 2nd, Chevron announced new agreements with Venezuela that it says will support additional investment and production growth. The company plans to invest more than US$7 billion over the next five years and says production from its Venezuelan operations could rise to approximately 600,000 barrels per day.

For Antigua and Barbuda, increased Venezuelan production could eventually mean another potential source of petroleum products within the wider region.

Georges points to Venezuela’s relationship with WIOC as another reason the developments could be significant.

Venezuela’s state-owned oil company, PDVSA, holds a 25 percent shareholding in WIOC.

He says greater cooperation between Venezuela and the United States, coupled with increased Venezuelan production, could therefore potentially create opportunities for WIOC.

“If we can, the Americans and the Venezuelans can work something, ultimately we could be the beneficiaries of it,” Georges said.

He also identifies Guyana as another increasingly important regional oil producer.

Guyana’s petroleum sector has expanded rapidly, with additional production capacity expected to come online as new offshore projects are developed. In July, industry reporting indicated that ExxonMobil’s fifth Guyana FPSO was expected to begin production in the fourth quarter of 2026, adding approximately 250,000 barrels per day of capacity.

For WIOC, Georges says the growth of both Venezuela and Guyana presents a potentially more favourable regional supply outlook.

The possibility is particularly significant as Antigua continues to grapple with the cost and security of importing petroleum products.

WIOC currently relies on a U.S.-based supplier, with fuel lifted from the U.S. Gulf. Georges says the company deliberately uses contractual arrangements to secure supply for the small Caribbean market.

That supply chain, however, remains exposed to global events.