PDVSA oil production and investment targets

PDVSA, Venezuela’s state-owned oil company, is implementing a strategic roadmap to revitalize its energy sector through increased production and international investment. President Héctor Obregón has stated that the company aims to sign 105 petroleum contracts by the end of 2026; as of recent reports, 61 have been finalized and 44 remain under negotiation. Approximately 70% of these agreements involve new oil fields.

The company intends to raise daily oil production from roughly 1.2 million barrels to 1.5 million barrels by the end of 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 plans to expand its 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 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.