SEATTLE (Oil Monster): Venezuela is targeting about $1.4 billion in new investment during 2026 through oil projects structured under production-sharing contracts, up from nearly $900 million secured a year earlier, Interim President Delcy Rodríguez said.
She spoke at PDVSA’s Caracas headquarters during discussions with energy executives, legal specialists, and lawmakers on proposed changes to the country’s hydrocarbons legislation.
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The reforms aim to formally embed production-sharing mechanisms into the national regulatory framework, offering greater flexibility and clearer incentives for private participation. Under these arrangements, the state retains ownership of resources, while companies provide funding, technology, and operational expertise in return for a share of production.
Although Venezuela holds some of the world’s largest proven reserves, particularly in the Orinoco Belt, production has plunged from historic highs above three million barrels per day to roughly one million barrels per day. Years of underinvestment, deteriorating infrastructure, managerial shortcomings, corruption, and international sanctions have severely weakened performance.
PDVSA still dominates the sector but faces acute financial and operational constraints persist.
