PDVSA promotes new business models to strengthen domestic production

Published at: 13/08/2026 08:55 PM

The president of Petroleos de Venezuela (PDVSA), Héctor Obregón, this Thursday, August 13, assured that Venezuela has more than a century of experience in oil exploitation, and that the industry is now making strong progress towards the development of the gas business, based on the technical capacity and trajectory of its more than 89,000 workers, who have expertise, experience and detailed knowledge of the fields currently in operation.

In an interview with Venezolana de Televisión, Obregón explained that, since 2023, PDVSA began to implement new business models, including the Contract for Productive Participation in Hydrocarbons (CPPH), activated in April 2024 and which generated favorable results.

He noted that these methodologies not only strengthen internal organization, but also expand opportunities for investment and cooperation with the private sector.

“In this first Productive Participation Contract (CPP), we signed that contract and that specific field called Zamora had a production of 20,000 barrels,” he said.

He added that “after making this operational agreement and, of course, in alliances with private individuals who decided to make a significant investment there, we increased that production by different milestones and today that field exceeds 100,000 barrels.”

This scheme allowed around 900 million barrels to be attracted in 2025, contributing to the achievement of the milestone of 1 million 200 thousand barrels per day towards the end of that year.

In this regard, he recalled that, due to the blockade applied in November and December 2025, it was necessary to carry out controlled closures to avoid operational risks due to high crude oil inventories. However, the industry managed to overcome this situation and currently maintains a daily target of 1,233,000 barrels, a figure that reflects the recovery of the production rate.

These advances prompted the proposal for the Partial Reform of the Hydrocarbons Law, with the objective of incorporating contractual models that were not contemplated in the previous regulations, such as financial technical alliances, service alliances, CPPs and commercial arbitration mechanisms that make it possible to resolve differences in a friendly manner with partners.

He also stated that the Hydrocarbons Engine has followed an articulated route since the end of 2023, the results of which are evidenced by legal reform and the strengthening of production.

He stressed that the strategic objective is for Venezuela to stop being only the nation with the largest oil reserves in the world to become one of the main global producers.

Mazo News Team