Cámara Petrolera de Venezuela reports growth in oil sector affiliates

The Venezuelan Petroleum Chamber (CPV) reports a significant recovery in the oil sector, with the number of affiliated companies rising to over 500. This marks a notable increase from the 220 affiliates recorded during the industry's period of greatest contraction.

Álvaro Pérez Díaz, president of the CPV, stated that the industry is transitioning toward a more diversified production model. He noted that the sector is moving away from a period where PDVSA controlled all production, toward a landscape featuring competitors with the capital and strength necessary to boost national output.

Pérez Díaz emphasized that national economic growth and the well-being of the population will depend heavily on the participation of Venezuelan companies and workers in upcoming oil agreements. He highlighted the importance of local employment and circulation of wealth, noting that every petroleum worker supports approximately ten additional jobs in related sectors.

Additionally, the industry is seeing progress in the review of legal frameworks, including the potential reform of the Organic Hydrocarbons Law and the evaluation of expropriation processes.