Venezuela aims to sign 105 oil contracts to boost production by 2027

Venezuela’s state-owned oil company, PDVSA, is implementing a strategic roadmap to revitalize its energy sector through increased production and international investment. PDVSA President Héctor Obregón announced plans to sign a total of 105 oil contracts by the end of 2026, with 61 already finalized and 44 currently under negotiation. Approximately 70% of these agreements target new oil fields.

The company aims to increase daily crude production from the current 1.2 million barrels to 1.5 million barrels by 2027. Rystad Energy has projected even higher potential, estimating production could reach 1.6 million barrels per day by 2028 and 1.8 million by 2030, driven by a diversifying roster of international operators including Chevron, Eni, Repsol, and Shell.

On the refining front, PDVSA intends to expand its processing capacity from 350,000 barrels per day to between 500,000 and 600,000 barrels per day by 2027. To support this growth, specialized drilling and technical workover equipment has recently arrived in the country to begin the operational phase of infrastructure recovery. Efforts are also underway to reactivate the Cardón refinery following a recent fire.