President of PDVSA: Venezuela's objective is to go from being the largest reserve to the largest oil producer

Published at: 03/09/2026 07:13 PM

The president of Petrleos de Venezuela S.A. (PDVSA), Héctor Obregón, assured that the strategic objective of the Hydrocarbons Engine and PDVSA is that Venezuela ceases to be simply a large oil reserve.

“We have 303 billion barrels underground, but it is necessary to monetize these resources and it is important to increase production, in other words, that Venezuela ceases to be classified as one of the largest reserves and becomes a major oil producer,” he said.

He also indicated that “as a result, the hydrocarbon engine has been making structural reforms for 24 months and these reforms were aimed at creating the perfect conditions to attract investment and so much so that we have eight months of hard work in which we had a reform of the Hydrocarbons Law, which included novel and modern models to attract investors and incorporate basic premises to create legal certainty for the issue of arbitration.”

Participation contracts

In the same way, he mentioned that before the reform of the law, some models that were implemented in 2023 were not contained in that instrument, specifically in the Hydrocarbon Productive Participation Contracts (CPPH), which began to be built in 2023 and the first of these contracts was signed on April 24, 2024, under the protection of the Anti-Blocking Law; then 30 more contracts were signed and which triggered a successful model in 2025, which attracted 900 million in investment and allowed production to increase until reaching 1 million 200 thousand barrels of oil a day, with which we closed 2025.”

It is worth noting that important energy agreements were signed on September 2 for the development of hydrocarbons with foreign companies, a day that was led by the president of the Bolivarian Republic of Venezuela, Delcy Rodríguez.

Mazo News Team