President of PDVSA assures that with modifications to the LOH, production will grow by 18% during 2026

Published at: 24/01/2026 01:46 PM

Regarding the national consultation of the draft Partial Reform of the Hydrocarbons Law 2001 being carried out by the National Assembly, the president of the state company Petrleos de Venezuela. Héctor Obregon highlighted that these modifications are aimed at including new forms of business and industry association that allow greater productivity and profitability for investors and the Venezuelan State.

“This is a Law (LOH-2001) that reflects several realities that the oil industry has experienced as such, which has faced adversities such as blockades and sanctions but which despite this has been able to achieve an upward line in oil production and that is the rest of the hydrocarbons,” said Obregón.

He added that 2025 was a hugely successful year for PDVSA and the Ministry of Hydrocarbon that could guarantee the energy needed to support economic growth, as well as the production of gasoline and gas for homes and the Venezuelan electricity industry.

“We are faced with a reality that is the petrification of the legal system of the sector in the face of reality, that is, we had a Hydrocarbons Law that was not up to date with what we as a hydrocarbon industry needed, which is why the president in charge introduced a bill to the AN whose sole objective is to update the legal system in the field of hydrocarbons to ensure that private investors can have legal security and recognize some contracts that had been successful within the oil industry based on other laws are far from the LOH,” said Obregón.

In addition, during this assembly with the presence of PSVSA workers in the state of Anzóategui, he said that through these contracts framed in innovative contractual mechanisms based on the Anti-Blocking Law, more than 900 million dollars were achieved in private investment, so this new scheme will guarantee the necessary resources for the 18% increase in production in 2026.

Mazo News Team