Héctor Obregón: PDVSA plans to exceed 1.5 million barrels per day after signing new agreements

Published at: 07/09/2026 07:02 PM

The president of Petrleos de Venezuela S.A., (PDVSA), Héctor Obregón, reaffirmed on Monday, September 7, that the state company plans to exceed production of 1.5 million barrels per day by 2027, after signing new agreements with international companies.

In a radio interview broadcast by the Onda Circuit, in which the company's president participated, broadcast on the PDVSA Telegram channel, Obregón highlighted that oil production has followed an upward path over the past 24 months, reaching historically high numbers.

In addition, he stressed that the reforms initiated in 2026 and the update of the Organic Hydrocarbons Law have created a new framework for the participation of private capital in the Venezuelan oil sector through Hydrocarbon Productive Participation Contracts (CPPH).

He also pointed out that the contractual scheme is based on a shared benefit (win-win) relationship, where private capital obtains crude oil for commercialization and refining, while the Venezuelan State receives income through royalties, taxes, fees and direct participation.

Obregón stated that the central objective of monetizing underground reserves is to transform oil wealth into a tangible social impact, allocating recovered resources to social programs, road infrastructure, schools, hospital supplies, housing and basic services such as water and transportation.

Regarding operational performance, he explained that oil production has maintained a continuous upward trajectory over the past 24 months, managing to exceed recent historical figures.

After reaching 1,200,000 barrels per day in December 2025, it is estimated that a figure of more than 1.5 billion barrels per day is projected for next year, supported by the flow of new investments, he said.

Mazo News Team