President of PDVSA on energy agreements: Will increase production to 420,000 barrels

Published at: 02/09/2026 01:58 PM

This Wednesday, September 2, the president of Petroleos de Venezuela (PDVSA), Héctor Obregón, reported that the production of joint ventures with Chevron will increase from 250,000 to 420,000 barrels per day in a first phase, as a result of energy agreements signed with international companies.

In addition, from the Miraflores Palace, the agreements contemplate a second phase to exceed 700,000 barrels per day with Chevron's joint ventures. At the same time, he indicated that to this is added the agreement with ENI to develop the Junín 5 field, which foresees an initial increase of 200,000 barrels per day.

In addition, he specified that this also includes the other contracts in the western basin and the Orinoco Oil Belt, which would provide increases close to or greater than 70,000 barrels per day.

Obregón explained that this growth is possible after a series of structural changes in the sector, including the partial reform of the Hydrocarbons Law, the enactment of its regulations and the adaptation of Productive Participation Contracts (CPPH) to international standards. “This created ideal conditions of legal security to bring private investment to our country,” he said.

The head of PDVSA also highlighted the signing of exploratory licenses with Aspect Holding and the alliance with General Electric to guarantee the electricity generation necessary to accompany the growth of oil production.

“Our goal is to aim for our own generation by companies like General Electric and to ensure that this oil production has reliability and stability,” he said.

Mazo News Team