Venezuela Plans to Sign 105 Oil Contracts, 61 Completed

en.Wedoany.com Reported - On October 9, Petróleos de Venezuela, S.A. (PDVSA) plans to complete the signing of 105 oil contracts by the end of 2026. So far, 61 have been signed, with 44 still pending. Company President Héctor Obregón stated at a corporate event held in the capital, Caracas, that approximately 70% of the contracts involve new oilfields or oilfields that have not yet been developed.

This round of contractual arrangements involves Venezuela's oilfield development operations. Since January 2026, Venezuela has been gradually reopening its energy sector to foreign investors, and PDVSA is advancing related oil development agreements. The 105 contracts proposed by Obregón represent an annual signing target, not the number of contracts already fully completed. The company has not yet disclosed the investment amounts, specific oilfield lists, contracting companies, or development timelines for each project for all the contracts.

Obregón also proposed that Venezuela plans to increase crude oil daily production from the current approximately 1.2 million barrels to 1.5 million barrels by the end of 2027, a target increase of 300,000 barrels per day. This target corresponds to a production increase of approximately 25% and is a future production plan proposed by the company that has not yet been translated into actual output.

In terms of refining operations, PDVSA's refineries currently process approximately 350,000 barrels of crude oil per day. Obregón stated that the existing processing volume can meet Venezuela's domestic gasoline demand. The company plans to increase refinery daily processing volume to 500,000 to 600,000 barrels in 2027, an increase of 150,000 to 250,000 barrels compared with the current level.

PDVSA's refining facilities have recently still been affected by equipment failures, power supply interruptions, and fires. The company is restoring operations at the Cardón refinery, where a fire occurred earlier this week. PDVSA has not yet announced the completion time for this restoration work or the specific impact of the incident on refining capacity.