During an interview with Venezolana de Televisión, the Minister of People’s Power for Hydrocarbons, Paula Henao, highlighted the strategic value of the commercial alliances between Petróleos de Venezuela S.A. (PDVSA) and major world-class oil companies, which, in her opinion, strengthen the country’s economic growth through the win-win formula.
Henao stressed that the trade relationship with the United States, for example, has a history of more than 200 years, of which more than 150 correspond to the oil business. She noted that Venezuela contributes skilled labor, technical expertise, and vast energy resources developed over decades, while the investing companies contribute capital, cutting-edge technology, and operational experience.
In this regard, the head of the Hydrocarbons office made emphasis in the reforms to energy legislation, noting that they “open the door to innovative business models designed to incentivize local and international capital.”
She referred that among the main advances are the consolidation of traditional models, such as joint ventures, along with the incorporation of new regulatory frameworks such as the Hydrocarbon Production Participation Contracts (CPPH), technical and financial alliances, and exploration licenses.