Venezuela Opens Oil Sector to Greater Private Investment, Targets 3M bpd

Hydrocarbons Minister Paula Henao and PDVSA Executive Vice President Jovanny Martínez told US energy investors at a Houston industry showcase on August 19 that a January regulatory reform, with implementing regulations issued in July, has expanded private-sector participation across the entire hydrocarbon value chain — from upstream development through commercialization and petrochemicals — including new contractual structures, greater operational responsibilities for minority partners in mixed enterprises, and international arbitration protections with economic-equilibrium clauses. Henao said the reforms give Venezuela "opportunities for investment across the entire value chain," with the government targeting a long-term recovery to 3 million barrels per day from current output of roughly 1.25 million bpd. bp, ADNOC-backed XRG, and UCC were cited as partners in the offshore Loran gas development, with investment focus on mature-field redevelopment, well rehabilitation, natural gas infrastructure, reservoir studies, and digital modernization.