Venezuela is taking steps to boost investment in its oil and gas sector in pursuit of increasing crude production towards 3 million barrels per day (MMbpd). At an industry event in Houston, Hydrocarbons Minister Paula Henao announced that regulatory reforms now allow for more private investment across the hydrocarbon value chain, covering everything from upstream development to commercialization and petrochemicals.
These reforms, implemented since January, enable greater private participation through new contractual structures and enhance the operational roles of minority partners. They also introduce international arbitration and economic protections, designed to attract capital for the country’s ample underdeveloped resources.
Currently producing about 1.25 MMbpd, Venezuela hopes significant investment in mature field redevelopment, well rehabilitation, and infrastructural support will help achieve its production goals.
PDVSA Executive Vice President Jovanny Martínez emphasized the need for international investment to overhaul aging energy infrastructures, particularly in natural gas. He noted that while there is an existing gas infrastructure, additional investment is crucial for upgrading reliability and capacity.
The country is also focused on expanding its natural gas sector, highlighted by offshore developments involving partnerships with bp and ADNOC-backed XRG. Martínez stressed the necessity of promoting investments and forging partnerships to realize Venezuela’s energy ambitions.
