The president of Petróleos de Venezuela S.A. (PDVSA), Héctor Obregón, affirmed that the strategic objective of the Hydrocarbons Engine and PDVSA, is for Venezuela to cease being merely a vast oil reserve:
«We have 303 billion barrels underground, but it is necessary to monetize these resources and it is important to increase production; that is, for Venezuela to move beyond being categorized as one of the world’s largest reserves and become a major oil producer,» he emphasized during an interview with Venezolana de Televisión (VTV).
Likewise, he indicated that “in consequence, the hydrocarbons sector has been undergoing structural reforms for 24 months, and these reforms were aimed at creating the perfect conditions to attract investment, and it is such that we have had eight months of hard work, during which we reformed the Hydrocarbons Law, which included innovative and modern models to attract investors and incorporate basic principles to create legal certainty regarding arbitration.”
Participation Contracts:
Likewise, he mentioned that before the law reform, some models implemented in 2023 were not included in that instrument, specifically in the Productive Hydrocarbon Participation Contracts (CPPH), which began to be developed in 2023, and the first of these contracts was achieved to subscribe on April 24, 2024, under the auspices of the Anti-Blockade Law, then 30 more contracts were subscribed, that derived into a successful model in 2025 that attracted $900 million in investment and allowed production to increase to 1.2 million barrels of oil per day, with which we closed out 2025.”
It is worth noting that on September 2nd, were signed important energy agreements for hydrocarbon development with foreign companies, a journey led by the President of the Bolivarian Republic of Venezuela, Delcy Rodríguez.