The consultancy said around $53 billion would be required over the next 15 years merely to hold production flat at around 1.1 million bpd, with only limited scope for near-term growth.
The analysis comes after US President Donald Trump ordered a military operation that resulted in the capture of Venezuelan leader Nicolas Maduro on January 3.
Following the seizure of Maduro, Trump said the US government plans to "run" Venezuela and allow American oil firms into the country to fix Venezuelachr("39")s "broken infrastructure" and "start making money for the country."
But Rystad estimates that just 300,000-350,000 bpd could be restored within two to three years through workovers, infrastructure repairs, and short-cycle investments.
US major Chevron is currently the only large western oil company still operating in Venezuela, producing roughly 150,000 barrels per day through joint ventures with state-owned PDVSA under successive US sanctions waivers.
While the companychr("39")s shares have risen following Madurochr("39")s capture, Chevron has signalled that any increase in investment would depend on legal certainty and stable operating terms.
Other international majors previously active in the country include ExxonMobil and Shell, both of which exited Venezuela after assets were nationalised in the late 2000s.
Meanwhile, European majors Eni and Repsol have also maintained limited exposure through gas and oil joint ventures with PDVSA.
While BP has no upstream presence in Venezuela, the companychr("39")s former chief executive Lord John Browne said UK investors would "want to get involved quickly" in the country.
