Venezuela expects to close 2026 producing 1.3 million barrels of oil per day after reaching 1.22 million in October, with a medium-term target of 1.5 million bpd by the end of 2027, two million in five years and three million in a decade, PDVSA President Héctor Obregón said Saturday at the AVPG Forum “Natural Gas: A Great Asset for the Rebirth of Venezuela.”

Obregón attributed the growth to 80 new hydrocarbon agreements signed after the 2026 reform of the Organic Hydrocarbons Law promoted by acting President Delcy Rodríguez. Many of these alliances target “greenfields,” which he said will require joint construction with partners of roads, power lines and other civil works. He noted that Article 19 of the law requires all new partners to incorporate national company components into their contractual models, reactivating connected sectors such as transport, lodging and civil works.

RELATED: Venezuela: 99% of Sovereign Fund Resources Allocated to Salaries and Pensions

Refining capacity has recovered substantially, from 100,000 bpd processed in 2022 to 500,000 bpd currently, allowing progress in import substitution. The industry expects to end 2026 distributing close to 140,000 barrels of fuel per day to the domestic market.

In gas, the state strategy aims to move beyond a crude-focused vision and position Venezuela as an exporter of dry gas and a reliable global supplier. After completing an LPG export in February 2026, PDVSA will continue recovering fractionation infrastructure, with Zulia state projected to become an LPG producer in 2027.

Key 2026 investments include the year’s first gas agreement in the west with the Cardón IV consortium—Italy’s ENI and Spain’s Repsol—to increase output at the Perla field. In the east, licenses were ratified for the Dragón project with Shell and Cocuina with BP. In Monagas state, technical-financial alliances were finalized between March and August, including cooperation with Shell to collect flare gas in the north. PDVSA and Shell executives inspected progress at the Carito-Pirital field to evaluate improvements at the Amana operating center.

Also in northern Monagas, at the El Furrial field, Qatar’s UCC will work with PDVSA on light oil and gas deposits to rehabilitate infrastructure. Last Monday, Venezuela signed an agreement with ExxonMobil for its return after exiting in 2007, and on Thursday PDVSA signed five additional agreements with Shell.

From teleSUR English via This RSS Feed.